Steel Dynamics Stock Forecast

Steel Dynamics stock price ended at $140.97 on Monday, after gaining 0.242%.
(Updated on Apr 15, 2024)

STLD Signals & Forecast

A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -5.55%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. The Steel Dynamics stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $144.62. On a fall, the stock will find some support from the long-term average at approximately $139.47. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Steel Dynamics stock

Steel Dynamics finds support from accumulated volume at $137.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.28 (1.62%) between high and low. For the last week, the stock has had daily average volatility of 2.58%.

Our recommended stop-loss: $134.19 (-4.81%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)

Trading Expectations (STLD) For The Upcoming Trading Day Of Tuesday 16th

For the upcoming trading day on Tuesday, 16th we expect Steel Dynamics to open at $141.59, and during the day (based on 14 day Average True Range), to move between $137.62 and $144.32, which gives a possible trading interval of +/-$3.35 (+/-2.38%) up or down from last closing price. If Steel Dynamics takes out the full calculated possible swing range there will be an estimated 4.75% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $137.90 (2.18%) than the resistance at $144.23 (2.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Steel Dynamics stock A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.

Current score: 2.277 Buy Candidate Unchanged

Predicted Opening Price for Steel Dynamics of Tuesday, April 16, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.