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Market Outlook- May 29th,2014

|Includes: Allegheny Technologies Incorporated (ATI)

Market Overview:-

US equity market seemed to push up the previous high but was not able to sustain at the same levels. The US market was range bound for the day as investors looked lazy on Wednesday, with no economic news in the market. Employment data is due on Thursday amalgamated with Home Sales is expected to come positive for the economy, thus boosting up the stocks at higher levels.

BULLS OF THE STREET (NYSE)

Name

Close Price ( $ )

Change %

Jumei International Holding ADS

29.04

25.77

Lentuo International

02.63

19.00

Brown Shoe

29.30

10.82

Twitter

33.77

10.69

Rex American Resources

68.94

10.36

BEARS OF THE STREET (NYSE)

Name

Close Price ( $ )

Change %

DSW CI A

23.62

27.37

3D Systems

50.44

10.95

WSP Holdings ADS

01.80

10.45

Walter Energy

05.03

08.71

Shutterstock

68.28

07.49

ALLEGHENY TECHNOLOGIES INC

RecommendationSell Below $40.41

Target $39.50

STOCK SUMMARY:-

Allegheny Technologies Inc is overall in bullish trend and is sustaining at higher levels on chart.

Traders can sell the stock below the level of $40.41 which is a near term support level for the

stock, and if it manages to breach this level further bearish movement is expected in this stock to

test the levels of $39.50.

CHART FORMATION

Stock is in consolidate trend for near term and price is taking support from trend line with a

formation of Head and Shoulder pattern on daily intraday chart. Near term breach of support level

of $40.41 is expected, which would result into bearish sentiment in the stock to test the levels of

$39.50.

INDICATORS:-

RSI is trading with negative bias and in MACD signal line is sustaining below MACD line which

is indicating the bearish sentiment in the stock.