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Possible Bearish Inside Day Candle Pattern Detected for Steel Dynamics (NASDAQ:STLD)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Steel Dynamics (NASDAQ:STLD) based on the price action in the company's shares. Today's price range of $30.56 and $31.07 is within yesterday'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 Steel Dynamics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Steel Dynamics share prices have moved between a 52-week high of $49.70 and a 52-week low of $25.02 and are now trading 22% above that low price at $30.59 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.7%.

Steel Dynamics, Inc. is a diversified carbon-steel producer and metals recycler in the U.S, located in Fort Wayne, IN. The Company's operating segments include steel operations, metals recycling and ferrous resources operations, and steel fabrication operations. Steel Dynamics products include flat rolled steel sheet, engineered bar special-bar-quality, and structural beams.

There is potential upside of 74.7% for shares of Steel Dynamics based on a current price of $30.59 and an average consensus analyst price target of $53.43. The stock should find resistance at its 200-day moving average (MA) of $34.48, as well as support at its 50-day MA of $29.02.

SmarTrend recommended that subscribers consider buying shares of Steel Dynamics on June 19th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.62. Since that recommendation, shares of Steel Dynamics have risen 5.2%. We continue to monitor STLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Steel Dynamics

Ticker(s): STLD