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

By James Quinn

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 $33.99 and $35.02 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.

In the past 52 weeks, shares of Steel Dynamics have traded between a low of $25.02 and a high of $39.35 and closed yesterday at $34.57, which is 38% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.0%.

There is potential upside of 54.6% for shares of Steel Dynamics based on a current price of $34.57 and an average consensus analyst price target of $53.43. The stock should find initial support at its 50-day moving average (MA) of $31.80 and further support at its 200-day MA of $31.06.

Steel Dynamics, Inc. is a diversified carbon-steel producer and metals recycler in the United States. 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.

SmarTrend recommended that subscribers consider buying shares of Steel Dynamics on October 28th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.17. Since that recommendation, shares of Steel Dynamics have risen 9.0%. We continue to monitor STLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Steel Dynamics

Ticker(s): STLD