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Watch for Steel Dynamics to Potentially Rebound After Falling 2.03% Yesterday

By Shiri Gupta

Steel Dynamics (NASDAQ:STLD) traded in a range yesterday that spanned from a low of $28.46 to a high of $29.46. Yesterday, the shares fell 2.0%, which took the trading range below the 3-day low of $29.01 on volume of 558,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, shares of Steel Dynamics have traded between a low of $25.02 and a high of $39.35 and are now at $29.07, which is 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.2%.

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.

Keywords: rebounders Steel Dynamics

Ticker(s): STLD