AK Steel Is Near a Key Resistance Area
Published on Friday, 21 December 2012 06:44 Written by TradersHuddle Wire
New York, December 21st (TradersHuddle.com) - Shares of AK Steel Holding Corporation (NYSE:AKS) are trading very close to calculated resistance at $4.64. The stock ended the trading session at just $4.55, which is near levels that make it difficult to buy or start a position.
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.
AK Steel's stock range is defined by its calculated support defined at $3.42 and by the resistance level at $4.64; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for AK Steel. However, as the stock pulls back towards $3.42 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $4.64 then traders will get an opportunity to enter the stock as it moves to a higher range.
- CSX Named To Dow Jones Sustainability Index For Third Consecutive Year
- Mid-Atlantic Industrial Rail Park Receives CSX Select Site Designation
- CSX Corporation Chief Financial Officer to Address Citi's 2013 U.S. and European Industrials Conference
- Critical Alerts For Starbucks, SunPower, CSX, Groupon, and Tyson Foods Released By InvestorsObserver
- National Gateway Completes Phase One Clearance, Applauds Partners
- CSX and Environmental Defense Fund Fellow Foster Innovation, Promote Energy Savings
- CSX Awards Northwest Ohio Community with Partnershipping Award
- CSX Acquires Eastern Associated Terminal in Tampa
- Critical Alerts For CSX, Broadcom, Groupon, Sears, and Organovo Released By InvestorsObserver
- Tuscola Industrial Rail Park Receives CSX Select Site Designation
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines