Head And Shoulders. Looks Like AK Steel Got Dandruff
The beautiful reason behind keeping a watch list is being able to track your favorite stocks’ every move. If you have been following me for some time, then you know my love for AK Steel (AKS). After all it is one of my 4 stocks to buy in 2009.
A look at the latest chart shows a nice possible inverted head and shoulders forming. Right now it looks like we are waiting for the completion of the last shoulder.
If we can manage to form that shoulder and break the neckline, then I like to see a quick price target of $5-6. Yes, I think it can pop that quickly. If you look at the time frame it took for the pattern to form, it should not take longer than a month for AK Steel to move that much more.
Obviously, a move lower from its current point will deteriorate the effect of the still possible head and shoulders. Will update as stock plays out.