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Steel Dynamics Set to Possibly Rebound After Yesterday's Selloff of 1.70%

By Shiri Gupta

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.

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.

In the past 52 weeks, Steel Dynamics share prices have been bracketed by a low of $22.79 and a high of $40.17 and are now at $34.20, 50% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 2.6%.

Keywords: rebounders Steel Dynamics

Ticker(s): STLD