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Allegheny Technologies

(ATI) - Get Allegheny Technologies Incorporated Report

has been stair-stepping higher, but I wanted to look at a couple of different indicators to analyze the trend.

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The moving average convergence/divergence (MACD) is a very useful indicator that measures both trend and momentum. With the indicator well above the midline and moving steadily higher, the uptrend in ATI is healthy with solid momentum. No problem there.

The on-balance volume indicator is fairly flattish ... but still moving higher. So, I'd just keep a stop underneath the breakout level at $110 and keep raising it as ATI moves higher.

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At the time of publication, Fitzpatrick had no positions in the stocks mentioned, though positions may change at any time.

Dan Fitzpatrick is the publisher of

, an advisory newsletter and educational forum dedicated to teaching effective risk management and trading methodologies to aspiring traders and investors. He is a former hedge fund manager and a member of the Market Technicians Association, and he now trades from his home in San Diego, Calif. While Fitzpatrick holds various securities licenses, he does not give recommendations to buy or sell stocks. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. He appreciates your feedback;

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