Approaching Support: AK Steel
Published on Tuesday, 25 December 2012 07:36 Written by TradersHuddle Wire
New York, December 25th (TradersHuddle.com) - Shares of AK Steel Holding Corporation (NYSE:AKS) are trading very close to calculated support at $4.21 with price action closing at just $4.42 and placing the stock near levels where traders will start paying attention.
AK Steel's stock range is defined by its calculated support defined at $4.21 and by the resistance level at $4.64, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.
Traders wanting to establish a position should pay close attention to AK Steel's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $4.64 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the 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.