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After Yesterday's Rally of 2.17% Shares Could Potentially Pullback

By Amy Schwartz

Reliance Steel (NYSE:RS) traded in a range yesterday that spanned from a low of $98.13 to a high of $100.26. Yesterday, the shares gained 2.2%, which took the trading range above the 3-day high of $99.62 on volume of 156,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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

Over the past year, Reliance Steel has traded in a range of $68.62 to $105.25 and is now at $100.17, 46% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has risen 0.4%.

Keywords: rebounders Reliance Steel

Ticker(s): RS