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After Yesterday's Decline of 1.30%, Steel Dynamics Offers Investors Better Value

By James Quinn

Steel Dynamics (NASDAQ:STLD) traded in a range yesterday that spanned from a low of $34.66 to a high of $35.52. Yesterday, the shares fell 1.3%, which took the trading range below the 3-day low of $35.20 on volume of 1.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Steel Dynamics has traded in a range of $22.79 to $40.17 and is now at $34.94, 53% above that low. The 200-day and 50-day moving averages have moved 0.59% higher and 2.57% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Steel Dynamics. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Steel Dynamics in search of a potential trend change.

Keywords: rebounders Steel Dynamics

Ticker(s): STLD