TRADE ALERT $AKS: Entry 3.70 I just entered AK St
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TRADE ALERT $AKS: Entry 3.70
I just entered AK Steel at the price of 3.7. This is a weekly support trendline going back to 2004. The stock has been annihilated. If you remember a few weeks back I made bank shorting the stock and am now looking to make money going back up. I think this could be a longer term hold and I bought low enough to where I will be comfortable with a 25% stop out.
If you analyze the rig count relative to oil prices or even take a look at the nat gas article from earlier, you will know that steel will be in high demand for the indefinite future as part of an infrastructure build out trend for the next few decades.
Better to get in low and trade around. I am looking for an intermediate term move, that means over the next few months or so, up to 5 bucks. This isn't the usual in for a day or two play given the severity of the drop. If it bounces faster I will however take profits.
[IMG]http://i.imgur.com/dScuc.png[/IMG]
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