AK Steel Holding Corp (AKS-NYSE) - AKS is currently supported by a 50% retracement value located at $9.13. A standard deviation of 1.618 is applied to a look back period of 38 days and we find that AKS is also supported by its mean of $9.13. This stock is down 87% from its 52 week high of $73.07. The first upside target is $14.68 and the second target is $18.53. Notable is the volume in wave “v” of 1. The last time this stock went from $10-$13 the volume was enormous; it was 55% higher than its 10 week average. This indicates that there were a vast number of longs waiting to sell into the rally, and then new buyers gladly took the shares off their hands. Most of the frustrated longs who want to sell between the $10-$13 region have already done so. As such, there should be very little resistance until AKS reaches the first target of $14.68 or the secondary target of $18.53
No comments:
Post a Comment