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AK Steel (
AKS) is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products. This stock closed up 6.1% to $3.62 on Thursday.
Thursday's Range: $3.43-$3.64
52-Week Range: $2.76-$6.73
Volume: 7.63 million
Three-Month Average Volume: 5.8 million
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Shares of AKS trended higher on Thursday after the company said it's boosting its carbon flat-rolled steel spot prices by at least $40 per ton effective immediately. The increase applies to new orders.
From a technical perspective, AKS jumped higher here right above its 50-day moving average at $3.30 with heavy upside volume. This stock recently formed a double bottom at $3.27 to $3.28 and it's now quickly moving within range of triggering a near-term breakout trade. That trade will hit if AKS manages to take out some near-term overhead resistance levels at $3.78 to $3.88 with high volume.
Traders should now look for long-biased trades in AKS as long as it's trending above its 50-day at $3.30 or above some key near-term support at $3.27 and then once it sustains a move or close above those breakout levels with volume that hits near or above 5.8 million shares. If that breakout triggers soon, then AKS will set up to re-test or possibly take out its next major overhead resistance levels at $4.50 to $5. Any high-volume move above $5 will then put its next major overhead resistance levels at $5.50 to $6 into range for shares of AKS.
To see more stocks that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Madison, Wis.