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Steel Dynamics (STLD) Recently Broke Out Above the 200-Day Moving Average
Steel Dynamics (STLD - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, STLD broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Over the past four weeks, STLD has gained 8.1%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at STLD's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch STLD for more gains in the near future given the company's key technical level and positive earnings estimate revisions.