Insteel Industries Stock Forecast
Red day on Friday for Insteel Industries
(Updated on May 17, 2024)
The Insteel Industries stock price fell by -0.639% on the last day (Friday, 17th May 2024) from $32.87 to $32.66. During the last trading day the stock fluctuated 1.47% from a day low at $32.55 to a day high of $33.03. The price has been going up and down for this period, and there has been a -1.21% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -35 thousand shares and in total, 32 thousand shares were bought and sold for approximately $1.06 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -8.60% during the next 3 months and, with a 90% probability hold a price between $28.20 and $33.17 at the end of this 3-month period.
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IIIN Signals & Forecast
There are mixed signals in the stock today. 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 $33.99. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 2.93%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Insteel Industries stock
Insteel Industries finds support from accumulated volume at $32.39 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.480 between high and low, or 1.47%. For the last week the stock has had daily average volatility of 1.88%.
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 Monday 20th
For the upcoming trading day on Monday, 20th we expect Insteel Industries to open at $32.75, and during the day (based on 14 day Average True Range), to move between $31.82 and $33.50, which gives a possible trading interval of +/-$0.84 (+/-2.58%) up or down from last closing price. If Insteel Industries takes out the full calculated possible swing range there will be an estimated 5.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $32.39 (0.83%) than the resistance at $34.12 (4.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Insteel Industries stock A Buy?
Insteel Industries holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.236 Sell Candidate Unchanged
Predicted Opening Price for Insteel Industries of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $32.75 ( 0.265%) | $32.66 |
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 | 33.23 | 1.74 % | |
| R2 | 33.04 | 1.17 % | ||
| R1 | 32.93 | 0.83 % | ||
| Current price: | 32.66 | |||
| Support | S1 | 32.56 | -0.296 % | |
| S2 | 32.45 | -0.643 % | ||
| S3 | 32.27 | -1.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.84 | 9.74 % | |
| R2 | 35.21 | 7.81 % | ||
| R1 | 34.12 | 4.47 % | ||
| Current price | 32.66 | |||
| Support | S1 | 32.39 | -0.83% | |
| S2 | 32.32 | -1.04% | ||
| S3 | 31.73 | -2.85% |
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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