Shares of Reliance Steel & Aluminum Co. (NYSE:RS) closed the trading session at $55.37 near its 50 day moving average currently set at $55.48. Reliance's price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 50 day.
Reliance Steel & Aluminum Co. (NYSE:RS) is a dristributor and metal processing services provider. The company processes steel and aluminum. Its products include carbon, alloy, stainless and specialty steel, aluminum, brass, and copper. Reliance operates processing and distribution centers throughout the United States.
Latest price action range, defined by a peaks and troughs algorithm places calculated support at $50.70 and calculated resistance at $60.60. These levels will be closely watched by traders, as they provide great insight into the latest price dynamics defined by Reliance Steel & Aluminum shares.
Traders should evaluate their trade if they want to establish a position on Reliance Steel & Aluminum given the resistance expected as the stock approaches the 50 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however until the break materializes buying the stock is nothing different than flipping a coin. Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price level reference points.
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