AK Steel Holding Corporation (NYSE: AKS)

AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, including coated, cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms. The company also produces carbon and stainless steel that is finished into welded steel tubing, which is used in the automotive, large truck, industrial, and construction markets; buys and sells steel and steel products, and other materials; and produces metallurgical coal from reserves in Pennsylvania.
Take a look at the 1-year chart of AK (NYSE: AKS) with the added notations:

AKS embarked on a major rally starting in June that took the stock all the way up to $11 in August, only to give that entire rally back since that peak. Throughout 2014 the stock has found support at $6 (green) whenever that level has been approached and now the stock is almost there again. Investors should be able to expect some sort of bounce, but if not, new lows for the year will follow.

The Tale of the Tape: AKS has a key level of support at $6. A trader could enter a long position at $6 with a stop placed under the level. If the stock were to break below the support a short position could be entered instead.
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