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Steel Dynamics (STLD) Just Reclaimed 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 helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
STLD has rallied 8.4% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests STLD could be on the verge of another move higher.
Looking at STLD's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 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.