AK Steel Broke Support
Published on Thursday, 18 April 2013 08:16 Written by TradersHuddle Wire
New York, April 18th (TradersHuddle.com) - Shares of AK Steel Holding Corporation (NYSE:AKS) closed the trading session at $2.82 below calculated support at $2.87. The stock broke long setups, prompting the bulls to worry that this move might give the bears the upper hand.
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 was trading in a well defined range with support at $2.87 and resistance at $3.28; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $2.87 will remain in focus as AK Steel's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in AK Steel can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $2.87. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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