American Axle & Manufacturing Holdings, Inc., together with its subsidiaries, designs, engineers, validates, and manufactures driveline and drivetrain systems, and related components and chassis modules for the automotive industry in the United States, Canada, Mexico, South America, Asia, Europe, and internationally. Its products include axles, drive heads, chassis modules, driveshafts, power transfer units, transfer cases, chassis and steering components, transmission parts, electric drive systems, and metal-formed products that transfer power from the transmission to the drive wheels. The company offers its products for light trucks, sport utility vehicles, passenger cars, and crossover and commercial vehicles.
Take a look at the 1-year chart of American Axle (NYSE: AXL) with the added notations:
1-year chart of American Axle (NYSE: AXL)
AXL had been in a solid upward climb since its October low. However, over the last 3 or 4 months the stock has been finding support at $24 (blue). Now that the stock is there again, traders should be able to expect some sort of bounce. However, if the $24 support were to break, lower prices should follow.
The Tale of the Tape: AXL has a key level of support at $24. A trader could enter a long position at $24 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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