Steel Stocks On the Move
After a disaster of the magnitude that the Japanese people are experiencing there will be a lot of goods needed to rebuild the country. This morning the steel sector is trading higher on the back of that anticipation for steel and steel products.
U.S. Steel Corp.(NYSE:X) is trading higher this morning by $1.57 to $55.58 a share. Short term traders can watch for near term intra-day resistance around the $55.75 and $56.25 levels. Should the stock rally past or through these intra-day resistance levels the next important resistance point would be around the $57.00 area.
AK Steel Holdings Corp.(NYSE:AKS) is another leading steel stock that is trading higher this morning. This stock is higher by 0.36 cents to $15.97 a share. Short term traders can watch for resistance around the $16.10 and $16.40 levels. Both areas could see small intra-day pullbacks.