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Steel Dynamics (STLD) Just Overtook the 50-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 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
STLD could be on the verge of another rally after moving 11.4% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Looking at STLD's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 4 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on STLD for more gains in the near future.