20 SEPTEMBER 2011FNN Online
Reliance Steel & Aluminum Bearish Moving Average Crossover Alert (RS)
Edited by : AL CIRCLE
1 min read
Reliance Steel & Aluminum (NYSE:RS) crossed under its 10-day moving average of $39.64 on a volume of 173K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.
In the past 52 weeks, shares of Reliance Steel & Aluminum have traded between a low of $36.61 and a high of $60.60 and are now at $39.11, which is 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 0.2%.
There is a potential upside of 62.7% for shares of Reliance Steel & Aluminum based on a current price of $39.33 and an average consensus analyst price target of $64.00. The stock should find initial resistance at its 50-day moving average (MA) of $42.98 and further resistance at its 200-day MA of $50.24.
In the past 52 weeks, shares of Reliance Steel & Aluminum have traded between a low of $36.61 and a high of $60.60 and are now at $39.11, which is 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 0.2%.
There is a potential upside of 62.7% for shares of Reliance Steel & Aluminum based on a current price of $39.33 and an average consensus analyst price target of $64.00. The stock should find initial resistance at its 50-day moving average (MA) of $42.98 and further resistance at its 200-day MA of $50.24.
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