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Commercial Metal Set to Possibly Pullback After Yesterday's Rally of 1.24%

By Nick Russo

Commercial Metal (NYSE:CMC) traded in a range yesterday that spanned from a low of $18.28 to a high of $18.81. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $18.66 on volume of 629,000 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 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.

In the past 52 weeks, shares of Commercial Metal have traded between a low of $13.27 and a high of $21.90 and are now at $18.73, which is 41% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.7% while the 200-day MA has slid 0.5%.

Keywords: rebounders commercial metal

Ticker(s): CMC