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Upgrade Alert for Reliance Steel & Aluminum (RS)

By Amy Schwartz

Reliance Steel & Aluminum (NYSE:RS) was upgraded from Underperform to Neutral at BofA/Merrill today. The stock closed yesterday at $78.60 on volume of 951,000 shares, above average daily volume of 804,000.

In the past 52 weeks, shares of Reliance Steel & Aluminum have traded between a low of $50.08 and a high of $84.25 and closed yesterday at $78.60, which is 57% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.6%.

Reliance Steel & Aluminum (NYSE:RS) is currently priced 13.8% above its average consensus analyst price target of $67.75. The stock should find initial support at its 50-day moving average (MA) of $69.17 and further support at its 200-day MA of $60.57.

Reliance Steel & Aluminum Co. distributes and processes steel and aluminum. The Company's products include carbon, alloy, stainless and specialty steel, aluminum, brass, and copper. Reliance operates processing and distribution centers throughout the United States.

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

Keywords: analyst upgrades/downgrades reliance steel & aluminum

Ticker(s): RS