AK Steel Stock Breaks Out From Key Resistance

AK Steel Holding Corporation shares broke out from key resistance levels during Tuesday's session following bullish earnings reports from Steel Dynamics, Inc. and Allegheny Technologies Incorporated  In addition to these reports, Nucor Corporation was upgraded by KeyBanc analysts, and Goldman Sachs believes that steel stocks could be a bright spot in the economy. AK Steel is expected to report earnings on July 30, 2018. According to Zacks Investment Research, the consensus forecast for the quarter calls for earnings per share of 23 cents compared with 19 cents per share during the year-ago period. Traders will be keeping a close eye on the earnings announcement given the positive results seen across the rest of the steel sector as well as the bullish analyst sentiment.

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