Olympic Steel Stock Forecast
Green day on Thursday for Olympic Steel stock after gaining 4.07%
(Updated on May 16, 2024)
The Olympic Steel stock price gained 4.07% on the last trading day (Thursday, 16th May 2024), rising from $53.51 to $55.69. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.93% from a day low at $53.33 to a day high of $55.96. The price has fallen in 6 of the last 10 days and is down by -12.55% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 37 thousand more shares were traded than the day before. In total, 93 thousand shares were bought and sold for approximately $5.16 million.
The stock lies in the middle of a very 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 -14.24% during the next 3 months and, with a 90% probability hold a price between $44.15 and $57.24 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ZEUS Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 7.03%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Olympic Steel stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $64.25. On a fall, the stock will find some support from the short-term average at $53.33. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Olympic Steel stock
Olympic Steel finds support from accumulated volume at $53.54 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $2.63 between high and low, or 4.93%. For the last week, the stock has had daily average volatility of 3.38%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZEUS) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Olympic Steel to open at $54.99, and during the day (based on 14 day Average True Range), to move between $53.30 and $58.08, which gives a possible trading interval of +/-$2.39 (+/-4.29%) up or down from last closing price. If Olympic Steel takes out the full calculated possible swing range there will be an estimated 8.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $57.55 (3.34%) than the support at $53.54 (3.86%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Olympic Steel stock A Buy?
Olympic Steel 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: -1.477 Sell Candidate Unchanged
Predicted Opening Price for Olympic Steel of Friday, May 17, 2024
Fair opening price May 17, 2024 | Current price |
---|---|
$54.99 ( 1.25%) | $55.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZEUS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 57.62 | 3.47 % | |
R2 | 56.62 | 1.67 % | ||
R1 | 56.00 | 0.553 % | ||
Current price: | 55.69 | |||
Support | S1 | 53.99 | -3.05 % | |
S2 | 53.37 | -4.17 % | ||
S3 | 52.36 | -5.97 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 65.63 | 17.85 % | |
R2 | 62.86 | 12.87 % | ||
R1 | 57.55 | 3.34 % | ||
Current price | 55.69 | |||
Support | S1 | 53.54 | -3.86% | |
S2 | 53.13 | -4.60% | ||
S3 | 52.60 | -5.55% |
ZEUS Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 03, 2024 | Jun 03, 2024 | Jun 17, 2024 | $0.150 | 0.269% |
2 | Feb 22, 2024 | Mar 01, 2024 | Mar 15, 2024 | $0.150 | 0.229% |
3 | Nov 02, 2023 | Nov 30, 2023 | Dec 15, 2023 | $0.130 | 0.219% |
4 | Aug 03, 2023 | Aug 31, 2023 | Sep 15, 2023 | $0.125 | 0.249% |
5 | May 03, 2023 | May 31, 2023 | Jun 15, 2023 | $0.125 | 0.272% |
FAQ
Click here for our free guide on how to buy Olympic Steel Stock.