Commercial Metals Trading Higher on 1.8x Above-Average Volume (CMC)

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Jan 07, 2013 (Unusual volume via COMTEX) -- Commercial Metals shares are trading on heavy volume today, having risen 3.6% to $16.10. Approximately 1.6 million shares have changed hands today vs. average 30-day volume of 847,000 shares. Spikes in volume can validate a breakout or signify a potential turning point.

Commercial Metals Company and its subsidiaries manufacture, recycle, and market steel and metal products and related materials. The Company markets and trades primary and secondary metals, steel, ores, concentrates, industrial minerals, ferroalloys, chemicals, and other materials used in a variety of industries.

Commercial Metals (NYSE:CMC) defies analysts with a current price ($16.10) 8.9% above its average consensus price target of $14.67. Commercial Metals shares have support at the 50-day moving average (MA) of $14.05 and additional support at the 200-day MA of $13.49.

In the past 52 weeks, Commercial Metals share prices have been bracketed by a low of $11.30 and a high of $16.48 and are now at $16.10, 42% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.7%.


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