Steel Dynamics (NASDAQ:STLD) crossed under its 10-day moving average of $17.58 on a volume of 1.2 million shares. Swing traders may find 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 $15.80 and a high of $25.51 and are now at $17.17, which is 9% above that low price. The 200-day and 50-day moving averages have moved 0.07% lower and 1.4% lower over the past week, respectively.
Steel Dynamics has overhead space with shares priced $17.17, or 36.7% below the average consensus analyst price target of $27.12. The stock should run into initial resistance at its 200-day moving average (MA) of $20.37 and subsequent resistance at its 50-day MA of $20.52.
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.