Technical Breakout: AK Steel Holding (NYSE:AKS)

by Josh AK Steel ($AKS) is crossing above the 200 day moving average today. This is a bullish development, the 200 day is a well respected longer term resistance line.

Shares are trading on heavy volume, last at $3.88 on a volume of 6,443,900 shares, already surpassing the normal daily volume here at the noon hour.

AK Steel ($AKS) is resolving an ascending triangle pattern to the upside today. As we noted with US Steel ($X) last week, technicians will look for the 200 day to provide an upside catalyst as opposed to resistance when the underlying consolidates so near the average.

52 Week Range $2.76-$6.73 Market Cap 529,126,550 Average Volume 4,320,226 Dividend Yield 0.00% Institutional Ownership 45.10% Insider Ownership: 2.60% Percentage of Float Short 27.10% Beta 2.51

AK Steel Holding is above both the 50 day moving average and the 200 day moving average.

AK Steel Holding AK Steel Holding Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products through its wholly owned subsidiary, AK Steel Corporation.

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