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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Steel Dynamics (NASDAQ:STLD) based on the price action in the company's shares. Yesterday's price range of $32.75 and $33.02 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. Traders and investors interested in shares of Steel Dynamics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, shares of Steel Dynamics have traded between a low of $28.91 and a high of $52.10 and closed yesterday at $32.82, which is 14% above that low price. The 200-day and 50-day moving averages have moved 0.34% lower and 0.37% lower over the past week, respectively.

There is potential upside of 62.8% for shares of Steel Dynamics based on a current price of $32.82 and an average consensus analyst price target of $53.43. The stock should run into initial resistance at its 50-day moving average (MA) of $35.79 and subsequent resistance at its 200-day MA of $39.31.

SmarTrend is tracking the current trend status for Steel Dynamics and will alert subscribers who have STLD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Steel Dynamics

Ticker(s): STLD