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Reliance Steel Falls 1.12% on Heavy Volume: Watch For Potential Rebound

By David Diaz

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.

Reliance Steel share prices have moved between a 52-week high of $88.58 and a 52-week low of $65.10 and are now trading 8% above that low price at $70.58 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.6%.

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.

Keywords: rebounders Reliance Steel

Ticker(s): RS