New York, January 4th (TradersHuddle.com) - AK Steel Holding Corporation (NYSE:AKS) closed the trading day at $4.62, near its 50 day moving average that is set at $4.52. AK Steel's price action is just above this important support level, providing a trading opportunity.
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 peaks and troughs algorithm shows calculated support at $4.21 and calculated resistance at $4.90. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on AK Steel should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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