Dec 01, 2010 （SmarTrend（R） News Watch via COMTEX） -- Reliance Steel & Aluminum （NYSE:RS） traded in a range yesterday that spanned from a low of $43.13 to a high of $45.45. Yesterday, the shares gained 1.39%, which took the trading range above the 3-day high of $45.01 on volume of 753,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Shares of Reliance Steel & Aluminum are currently trading above their 50-day moving average （MA） of $43.14 and above their 200-day MA of $43.67. Look for the MA to provide support for a short-term pullback in the shares.
SmarTrend currently has shares of Reliance Steel & Aluminum in an Uptrend and issued the Uptrend alert on September 03, 2010 at $40.45. The stock has risen 8.4% since the Uptrend alert was issued.
SmarTrend expects the share price to pullback toward the $44.45 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Steel & Iron industry.
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