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Steel Dynamics Rises 4.02% on Heavy Volume: Watch For Potential Pullback

By Shiri Gupta

Steel Dynamics (NASDAQ:STLD) traded in a range yesterday that spanned from a low of $33.08 to a high of $34.66. Yesterday, the shares gained 4.0%, which took the trading range above the 3-day high of $33.49 on volume of 2.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Steel Dynamics share prices have been bracketed by a low of $15.32 and a high of $40.17 and are now at $34.26, 124% 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 recommended that its subscribers protect gains by selling shares of Steel Dynamics on March 8th, 2017 by issuing a Downtrend alert when the shares were trading at $34.36. Since that call, shares of Steel Dynamics have fallen 4.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Steel Dynamics

Ticker(s): STLD