Insteel Industries Stock Forecast
Volatile ride for Insteel Industries stock price on Thursday moving between $31.26 and $35.02
(Updated on Apr 25, 2024)
The Insteel Industries stock price fell by -7.00% on the last day (Thursday, 25th Apr 2024) from $34.12 to $31.73. During the last trading day the stock fluctuated 12.03% from a day low at $31.26 to a day high of $35.02. The price has fallen in 6 of the last 10 days and is down by -8.22% for this period. Volume has increased on the last day by 95 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 188 thousand shares were bought and sold for approximately $5.97 million.
Given the current horizontal trend, you can expect Insteel Industries stock with a 90% probability to be traded between $31.38 and $37.66 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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IIIN Signals & Forecast
There are few to no technical positive signals at the moment. The Insteel Industries stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $33.37 and $35.48. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -16.98%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Insteel Industries stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.76 between high and low, or 12.03%. For the last week, the stock has had daily average volatility of 5.09%.
Insteel Industries is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (IIIN) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Insteel Industries to open at $32.67, and during the day (based on 14 day Average True Range), to move between $30.51 and $32.95, which gives a possible trading interval of +/-$1.22 (+/-3.83%) up or down from last closing price. If Insteel Industries takes out the full calculated possible swing range there will be an estimated 7.66% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $34.12, some $2.39 (7.53%) from the current price of $31.73, our system finds the risk reward not very attractive.
Is Insteel Industries stock A Buy?
Insteel Industries holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.362 Sell Candidate Unchanged
Predicted Opening Price for Insteel Industries of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $32.67 ( 2.96%) | $31.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IIIN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.43 | 14.81 % | |
| R2 | 34.99 | 10.29 % | ||
| R1 | 34.11 | 7.49 % | ||
| Current price: | 31.73 | |||
| Support | S1 | 31.23 | -1.56 % | |
| S2 | 30.35 | -4.36 % | ||
| S3 | 28.91 | -8.89 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.84 | 12.95 % | |
| R2 | 35.21 | 10.97 % | ||
| R1 | 34.12 | 7.53 % | ||
| Current price | 31.73 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
IIIN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 14, 2024 | Mar 14, 2024 | Mar 29, 2024 | $0.0300 | 0.0785% |
| 2 | Nov 14, 2023 | Dec 07, 2023 | Dec 22, 2023 | $0.120 | 0.314% |
| 3 | Aug 15, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.0300 | 0.0924% |
| 4 | May 16, 2023 | Jun 15, 2023 | Jun 30, 2023 | $0.0300 | 0.0964% |
| 5 | Feb 14, 2023 | Mar 16, 2023 | Mar 31, 2023 | $0.0300 | 0.108% |
FAQ
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