Steel Dynamics Crosses Below its 10-day MA (STLD)

Published on Fri, 01/23/2015 - 12:23
By FNN Staff in Moving average crossovers, STLD, moving crosses, nasdaq:stld, steel dynamics

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.

By FNN Staff
root@fnn-online.com

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