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Bullish Moving Average Cross by Steel Dynamics (STLD)

By James Quinn

Steel Dynamics (NASDAQ:STLD) shares have crossed bullishly above their 10-day moving average of $24.38 on a volume of 856K shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.

In the past 52 weeks, Steel Dynamics share prices have been bracketed by a low of $15.32 and a high of $25.42 and are now at $24.77, 62% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.6% while the 200-day MA has risen 0.6%.

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 20.3%. 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

Ticker(s): STLD