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Watch for Steel Dynamics to Potentially Pullback After Gaining 5.08% Yesterday

By Shiri Gupta

Steel Dynamics (NASDAQ:STLD) traded in a range yesterday that spanned from a low of $24.65 to a high of $25.59. Yesterday, the shares gained 5.1%, which took the trading range above the 3-day high of $24.33 on volume of 3.1 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, shares of Steel Dynamics have traded between a low of $15.32 and a high of $28.01 and are now at $25.44, which is 66% above that low price. The 200-day and 50-day moving averages have moved 0.59% higher and 2.57% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Steel Dynamics. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Steel Dynamics in search of a potential trend change.

Keywords: rebounders Steel Dynamics

Ticker(s): STLD