Today, shares of Reliance Steel & Aluminum (NYSE:RS) have crossed bearishly below their 10-day moving average of $51.16 on volume of 217 thousand shares.
This may provide swing traders with an opportunity for a short position as such a crossover often suggests lower prices in the near term. Watch for a close below this moving average level for confirmation.
SmarTrend issued a Downtrend Alert for Reliance Steel & Aluminum on May 06, 2011 at $52.98. In approximately 4 weeks, Reliance Steel & Aluminum has returned 4.5% as of today's recent price of $50.59.
In the past 52 weeks, shares of Reliance Steel & Aluminum have traded between a low of $34.58 and a high of $60.60 and are now at $50.59, which is 46% above that low price.
In the last five trading sessions, the 50-day MA has remained constant while the 200-day MA has risen 0.26%.
We will continue to monitor RS's share price relative to this moving average.
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