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Steel Stocks Roar Higher, Here Is The Target



January 26, 2011 – Comments (0) | RELATED TICKERS: X , AKS

Steel stocks like United States Steel Corporation (NYSE:X) and AK Steel Holding Corporation (NYSE:AKS) are jumping again. These stocks have been on a three day surge which has taken many by surprise. Regardless of surprise, one must study the chart to find the level where they will hit target and possibly reverse. This level is clear based on the path both these stocks are taking.

The key level to watch on both these stocks is their previous double top. Note the vertical move on U.S. Steel in the chart below. Should it run into double top, it should stall and pull back. The same things applies to AK Steel. If a smart swing trader were to play the double top, they should understand that this would be a short term pull back only, a retrace. After a day or two of a pull back, the money would be taken.

Gareth Soloway

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