Bearish Moving Average Cross by Steel Dynamics (STLD)
Today, shares of Steel Dynamics (NASDAQ:STLD) have crossed bearishly below their 10-day moving average of $24.72 on a volume of 783K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
In the past 52 weeks, shares of Steel Dynamics have traded between a low of $15.32 and a high of $25.42 and are now at $24.54, which is 60% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.9%.
SmarTrend recommended that subscribers consider buying shares of Steel Dynamics on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.98. Since that recommendation, shares of Steel Dynamics have risen 26.7%. We continue to monitor STLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: moving crosses Steel Dynamics