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Shares of Steel Dynamics Have Risen Above Previous 52-Week High

Published on Tue, 02/19/2013 - 15:36
By Robert Cotter

Steel Dynamics (NASDAQ:STLD) traded at a new 52-week high today of $16.16. So far today approximately 1.6 million shares have been exchanged, as compared to an average 30-day volume of 2.6 million shares.

Steel Dynamics (NASDAQ:STLD) has potential upside of 5.7% based on a current price of $15.87 and analysts' consensus price target of $16.77. The stock should discover initial support at its 50-day moving average (MA) of $14.54 and subsequent support at its 200-day MA of $12.74.

Steel Dynamics, Inc. owns and operates a flat-rolled steel mini-mill, as well as a cold mill. The Company is also constructing a plant for the manufacture of direct reduced iron. Steel Dynamics's customers include intermediate steel processors, steel service centers, and end users such as manufacturers of cold-rolled strip.

In the past 52 weeks, shares of Steel Dynamics have traded between a low of $10.11 and a high of $16.16 and are now at $15.87, which is 57% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 2.2%.

By Robert Cotter