American Axle & Manufacturing (NYSE:AXL) crossed over its 10-day moving average of $12.40 on a volume of 446K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.
American Axle & Manufacturing Holdings, Inc. designs, engineers, and manufactures driveline systems for light trucks and sport-utility vehicles. The Company produces axles, propeller shafts, chassis components, and forged products. American Axle also manufactures various driveline components for light trucks and sport utility vehicles manufactured in North America.
Over the past year, American Axle & Manufacturing has traded in a range of $7.93 to $12.95 and is now at $12.52, 58% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.1%.
There is potential upside of 10.4% for shares of American Axle & Manufacturing based on a current price of $12.52 and an average consensus analyst price target of $13.82. The stock should discover initial support at its 50-day moving average (MA) of $11.78 and subsequent support at its 200-day MA of $10.88.
