This is about 15 yrs worth of data in a monthly timeframe. Looking to the early left in the 90s, where we are right now is resistance before. Is this resistance for where we currently are? If not, then $27.25 area would be the next resistance or stopping point.

Volume shows there is great bullish strength, so this month could just be a resting, pausing period. The lows of this and last month do correlate to resistances in the 2001-2002 timeframe.

MACD is showing weakening in bearishness.

RSI is still in a downtrend, so just because we've had the prior 3 months of strong bullishness, this could be just a retracement for the bigger downtrend of the past year.

Fibs is @ 23.6% retracement. At 38.2% retracement, this would be about $31.

We have double tops here with the right shoulder a lot lower than the left shoulder. Price action has broken below the midpoint. It's closed below the 50 EMA.
RSI is in a downtrend and is in oversold territory. Support for RSI is around 20 from the past and we are almost there, so it could go a little lower.
Volume has very strong bearishish, which seems to be gaining some momentum. However, price action has had 7 bearish days, so it would be a good time for a rest.
MACD is gaining strength in bearishness.
How would I play?
I'd be cautious and wait for a pullback. Often what follows a big move, there is usually a pause or hesitation. If it's pulling back, then I'd get back in for a bearish play with confirmation of this. I wouldn't do a bullish play right now, as the move would be too small.
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3 Responses
  1. kok6211 Says:

    AKS appears to have switched from a 3 month uptrend channel to the current downtrend channel(width ~$3.8 starting 6/11). Price bounced off support on 6/22-23 and 7/8. I estimate reaching resistance ~$18.3 by 7/15. RSI cross above 30 on 7/9 with above avg volume (bullish).

  2. Doris Says:

    I'd be leery of any bullish play unless it's super short. I see this as a bearish play and prefer to go with the trend. Just my thoughts.

  3. kok6211 Says:

    Hit my target today of 18.3 as predicted. Downtrending stock but hit top of channel, decided to take profit on half my options at 18.53 and watch closely on the other half if it doesn't break out.

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