Steel Dynamics, Inc. Nearing A Huge Trendline

[Bryan Leighton]

Steel Dynamics, Inc. (NASDAQ:STLD) has been surging higher on the back of better commodity prices and short covering. The stock hit a low of $15.35 in January 2016. Today Steel Dynamics traded to $26.99.

If you look at the weekly chart below, there is an up-sloping trend-line that connects through major pivot highs going back to 2010. A trend-line that stretches this far back will have a serious impact on Steel Dynamics ($STLD). Look for the stock to pullback 10-20% from this level. Steel Dynamics is a sell (short) at $27.40.

Gareth Soloway

InTheMoneyStocks