Allegheny Approaching its 200 Day

Published on Friday, 20 August 2010 07:36 Written by Danny Miller

New York, August 20th (TradersHuddle.com) - Shares of Allegheny Technologies Inc. (NYSE:ATI) closed the trading session at $44.99 near its 200 day moving average currently set at $46.63. Allegheny's price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 200 day moving average.

Allegheny Technologies, Inc. (NYSE:ATI) manufactures and sells specialty metals worldwide. The Company's products include include titanium and titanium alloys, nickel-based alloys and superalloys, zirconium, hafnium and niobium, stainless and specialty steel alloys.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $43.34 and calculated resistance at $49.72. These levels are being closely watched by traders, as they provide great reference points for the latest price dynamics in Allegheny shares.

Traders should evaluate their trade if they want to establish a position on Allegheny given the resistance expected as the stock approaches the 200 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however until the break materializes, traders need to exercise patience. Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price action reference points.