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Watch for Steel Dynamics to Potentially Pullback After Gaining 2.38% Yesterday

By Shiri Gupta

Steel Dynamics (NASDAQ:STLD) traded in a range yesterday that spanned from a low of $46.52 to a high of $48.63. Yesterday, the shares gained 2.4%, which took the trading range above the 3-day high of $47.50 on volume of 2.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Steel Dynamics share prices have moved between a 52-week high of $50.70 and a 52-week low of $22.79 and are now trading 112% above that low price at $48.32 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 2.6%.

SmarTrend recommended that subscribers consider buying shares of Steel Dynamics on February 14th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.53. Since that recommendation, shares of Steel Dynamics have risen 3.2%. We continue to monitor STLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders Steel Dynamics

Ticker(s): STLD