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Look for Shares of Reliance Steel to Potentially Rebound after Yesterday's 1.12% Sell Off

By Nick Russo

Reliance Steel (NYSE:RS) traded in a range yesterday that spanned from a low of $70.37 to a high of $71.62. Yesterday, the shares fell 1.1%, which took the trading range below the 3-day low of $71.39 on volume of 126,000 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 Reliance Steel. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Reliance Steel in search of a potential trend change.

In the past 52 weeks, shares of Reliance Steel have traded between a low of $65.10 and a high of $88.58 and are now at $70.58, which is 8% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.6%.

Keywords: rebounders Reliance Steel

Ticker(s): RS