Trading Idea: Is AK Steel Breaking Out?
Published on Tuesday, 18 December 2012 08:04 Written by TradersHuddle Wire
New York, December 18th (TradersHuddle.com) - Shares of AK Steel Holding Corporation (NYSE:AKS) closed the session at $4.48 just above calculated resistance at $4.34. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
AK Steel Holding Corporation (NYSE:AKS), through its subsidiaries, produces flat-rolled carbon, stainless, and electrical steels, and tubular products primarily in the United States and internationally. The Company produces coated, cold rolled, and hot rolled carbon steel for the automotive, appliance, construction, and manufacturing markets. AK Steel also cold rolls and aluminum coats stainless steel for customers in the automotive industry.
The stock was trading in a well defined range with support at $3.42 and resistance at $4.34. Given that this range was broken, traders will be closely monitoring AK Steel's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that AK Steel is still near the broken resistance level, traders will be focusing on the $4.34 level to see if the stock holds the breakout without rolling over.
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