Steel Dynamics (NASDAQ:STLD) crossed under its 10-day moving average of $15.08 on a volume of 1.3 million shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
In the past 52 weeks, shares of Steel Dynamics have traded between a low of $10.11 and a high of $16.66 and are now at $14.94, which is 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.
Steel Dynamics (NASDAQ:STLD) has potential upside of 7.1% based on a current price of $14.94 and analysts' consensus price target of $16.00. The stock should discover initial support at its 50-day moving average (MA) of $13.66 and subsequent support at its 200-day MA of $12.56.
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.