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Steel Dynamics: The Winning Streak Continues (STLD)

Published on Thu, 02/14/2013 - 15:21
By Peter Chu

Steel Dynamics (NASDAQ:STLD) traded today at a new 52-week high of $16.13. Approximately 2 million shares have changed hands today, as compared to an average 30-day volume of 2.6 million shares.

In the past 52 weeks, Steel Dynamics share prices have been bracketed by a low of $10.11 and a high of $16.13 and are now at $16.00, 58% above that low price. The 200-day and 50-day moving averages have moved 0.34% higher and 1.23% higher over the past week, respectively.

There is potential upside of 4.8% for shares of Steel Dynamics based on a current price of $16.00 and an average consensus analyst price target of $16.77. The stock should find initial support at its 50-day moving average (MA) of $14.41 and further support at its 200-day MA of $12.71.

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.

By Peter Chu