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Recent 52-Week High Exceeded in Shares of Reliance Steel (RS)

By Shiri Gupta

Reliance Steel (NYSE:RS) traded at a new 52-week high today of $96.07. This new high was reached on below average trading volume as 237,000 shares traded hands, while the average 30-day volume is approximately 410,000 shares.

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 $96.07 and a 52-week low of $68.62 and are now trading 40% above that low price at $96.07 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Reliance Steel (NYSE:RS) has potential upside of 2.9% based on a current price of $96.07 and analysts' consensus price target of $98.89. The stock should find initial support at its 50-day moving average (MA) of $89.75 and further support at its 200-day MA of $84.68.

SmarTrend recommended that subscribers consider buying shares of Reliance Steel on June 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $88.71. Since that recommendation, shares of Reliance Steel have risen 5.0%. We continue to monitor RS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows Reliance Steel

Ticker(s): RS