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Steel Dynamics Crosses Below its 10-day MA (STLD)

By James Quinn

Today, shares of Steel Dynamics (NASDAQ:STLD) have crossed bearishly below their 10-day moving average of $26.60 on a volume of 466K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Steel Dynamics share prices have been bracketed by a low of $15.32 and a high of $28.01 and are now at $26.40, 72% above that low price. The 200-day and 50-day moving averages have moved 0.59% higher and 2.57% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Steel Dynamics on July 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.79. Since that recommendation, shares of Steel Dynamics have risen 4.0%. We continue to monitor STLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses Steel Dynamics

Ticker(s): STLD