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Watch for Reliance Steel to Potentially Pullback After Gaining 2.17% Yesterday

By David Diaz

Reliance Steel (NYSE:RS) traded in a range yesterday that spanned from a low of $98.13 to a high of $100.26. Yesterday, the shares gained 2.2%, which took the trading range above the 3-day high of $99.62 on volume of 156,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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

Reliance Steel share prices have moved between a 52-week high of $105.25 and a 52-week low of $68.62 and are now trading 46% above that low price at $100.17 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 0.2%.

Keywords: rebounders Reliance Steel

Ticker(s): RS