Shares of Steel Dynamics are trading up 3.2% to $14.20 today on above average volume. About 2.8 million shares have been traded today, as compared to the 30-day average volume of 2.3 million shares. Unusually high volume can signify a potential turning point or validate a breakout.
Over the past year, Steel Dynamics has traded in a range of $10.11 to $16.66 and is now at $14.20, 40% above that low. The 200-day and 50-day moving averages have moved 0.34% lower and 1.45% higher over the past week, respectively.
Potential upside of 1.5% exists for Steel Dynamics, based on a current level of $14.20 and analysts' average consensus price target of $14.42. The stock should find initial support at its 50-day moving average (MA) of $12.75 and further support at its 200-day MA of $12.59.
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.