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Steel Dynamics Falls 1.70% on Heavy Volume: Watch For Potential Rebound

By Nick Russo

Steel Dynamics (NASDAQ:STLD) traded in a range yesterday that spanned from a low of $34.09 to a high of $35.54. Yesterday, the shares fell 1.7%, which took the trading range below the 3-day low of $34.18 on volume of 1.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, shares of Steel Dynamics have traded between a low of $22.79 and a high of $40.17 and are now at $34.20, which is 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.6% while the 200-day MA has risen 0.6%.

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

Keywords: rebounders Steel Dynamics

Ticker(s): STLD