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Reliance Steel & Aluminum(RS - Get Report) provides metals processing services and distributes a full line of more than 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products. This stock is trading up 5.7% at $57.45 in recent trading.
Today's Volume: 2.36 million
Average Volume: 441,714
Volume % Change: 769%
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From a technical perspective, RS is ripping higher here with monster volume. This move is quickly pushing RS within range of triggering a major breakout trade. That trade will hit once RS manages to take out some key overhead resistance levels at $58.80 to $59.48 with high volume.
Traders should now look for long-biased trades in RS as long as it's trending above $56 to $57 and then once it sustains a move or close above those breakout levels with volume that hits near or above 441,714 shares. If that breakout triggers soon, then look RS to trend well north of $60 in the near future.