Looking to get long AKS if it touches 5.86

I’ve been observing interesting action in AKS since the huge volume coming in last Thursday 3/1 when it gapped up and traded higher after a few days of selling off, forming a bullish kicker like candlestick signal. The volume is particularly noteworthy as AKS traded over 71M shares that day vs an average of approximately 20M, with Thursday’s session being the highest amount of shares transacted on a green day in years. Based on this, I am looking to get long AKS on follow through above Thursday’s high of 5.84 as I believe clearing this point of resistance¬†could catapult the stock to 7+ in a short amount of time. Therefore, my trade is as follows: Buy AKS if it touches 5.86 with a goal of accumulating shares at 5.86 or better. Target 7+ to take profits and using last weeks low of 5.15 as a stop. In other words, risking about $0.72 to make $1.15+. Using this relationship I am looking position size to risk about 1.5% of my overall portfolio to make 2.5-3%.¬†Earnings are on 4/23 and AKS does not offer a dividend.

AKS Daily Chart from 3/2/18