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Commercial Metal Falls 6.58% on Heavy Volume: Watch For Potential Rebound

By David Diaz

Commercial Metal (NYSE:CMC) traded in a range yesterday that spanned from a low of $15.23 to a high of $15.77. Yesterday, the shares fell 6.6%, which took the trading range below the 3-day low of $16.07 on volume of 1.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

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

Over the past year, Commercial Metalhas traded in a range of $15.23 to $24.95 and are now at $15.34. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.3%.

Keywords: rebounders commercial metal

Ticker(s): CMC