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Possible Bearish Inside Day Candle Pattern Detected for Reliance Steel (NYSE:RS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Reliance Steel (NYSE:RS) based on the price action in the company's shares. Yesterday's price range of $91.36 and $92.07 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Reliance Steel may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 7.5% exists for Reliance Steel, based on a current level of $92.00 and analysts' average consensus price target of $98.89. The stock should find initial support at its 50-day moving average (MA) of $85.93 and further support at its 200-day MA of $84.11.

Reliance Steel & Aluminum Co. distributes and processes steel and aluminum. The Company's products include carbon, alloy, stainless and specialty steel, aluminum, brass, and copper. Reliance operates processing and distribution centers throughout the United States.

Reliance Steel share prices have moved between a 52-week high of $97.41 and a 52-week low of $68.62 and closed yesterday at 34% above that low price at $92.00 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Reliance Steel. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Reliance Steel in search of a potential trend change.

Keywords: bearish am inside day candle Reliance Steel

Ticker(s): RS