Upgrade Alert for Steel Dynamics (STLD)

Mar 05, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Steel Dynamics (NASDAQ:STLD) was upgraded from Neutral to Buy at Longbow today. The stock closed yesterday at $14.98 on volume of 3.4 million shares, above average daily volume of 2.6 million. Steel Dynamics, Inc. owns and operates a flat-rolled steel mini-mill, as well as a cold mill. The Company is also constructing a plant for the manufacture of direct reduced iron. Steel Dynamics's customers include intermediate steel processors, steel service centers, and end users such as manufacturers of cold-rolled strip.

Steel Dynamics (NASDAQ:STLD) has potential upside of 10.4% based on a current price of $14.98 and analysts' consensus price target of $16.54. The stock should find initial support at its 50-day moving average (MA) of $14.92 and further support at its 200-day MA of $12.89.

In the past 52 weeks, Steel Dynamics share prices have been bracketed by a low of $10.11 and a high of $16.16 and closed yesterday at $14.98, 48% above that low price. The 200-day and 50-day moving averages have moved 0.37% higher and 0.49% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Steel Dynamics on December 17th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.73. Since that recommendation, shares of Steel Dynamics have risen 9.1%. We continue to monitor STLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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