TCC Steel Corp. Stock Forecast
TCC Steel Corp. stock downgraded to Sell Candidate
(Updated on Jun 21, 2024)
The TCC Steel Corp. stock price fell by -3.03% on the last day (Friday, 21st Jun 2024) from ₩56,100.00 to ₩54,400.00. During the last trading day the stock fluctuated 4.62% from a day low at ₩54,100.00 to a day high of ₩56,600.00. The price has been going up and down for this period, and there has been a 0% change 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 -155 thousand shares and in total, 200 thousand shares were bought and sold for approximately ₩10.87 billion.
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 -8.95% during the next 3 months and, with a 90% probability hold a price between ₩39,853.15 and ₩54,822.26 at the end of this 3-month period.
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002710.KS Signals & Forecast
The TCC Steel Corp. 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 ₩55,942.86. On a fall, the stock will find some support from the long-term average at approximately ₩51,998.57. 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, June 11, 2024, and so far it has fallen -10.82%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for TCC Steel Corp. stock
TCC Steel Corp. finds support from accumulated volume at ₩54,000.00 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 ₩2,500.00 between high and low, or 4.62%. For the last week, the stock has had daily average volatility of 7.02%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (002710.KS) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect TCC Steel Corp. to open at ₩55,033.33, and during the day (based on 14 day Average True Range), to move between ₩50,898.22 and ₩57,901.78, which gives a possible trading interval of +/-₩3,501.78 (+/-6.44%) up or down from last closing price. If TCC Steel Corp. takes out the full calculated possible swing range there will be an estimated 12.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₩54,500.00 (0.18%) than the support at ₩54,000.00 (0.74%), 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 TCC Steel Corp. stock A Buy?
TCC Steel Corp. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.253 Sell Candidate Downgraded
Predicted Opening Price for TCC Steel Corp. of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₩55,033.33 ( 1.16%) | ₩54,400.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 002710.KS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 57,533.33 | 5.76% |
| R2 | 56,578.33 | 4.00% |
| R1 | 55,988.33 | 2.92% |
| Price | 54,400.00 | |
| S1 | 54,078.33 | -0.591% |
| S2 | 53,488.33 | -1.68% |
| S3 | 52,533.33 | -3.43% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 61,000.00 | 12.13% |
| R2 | 56,100.00 | 3.13% |
| R1 | 54,500.00 | 0.184% |
| Price | 54,400.00 | |
| S1 | 54,000.00 | -0.735% |
| S2 | 49,100.00 | -9.74% |
| S3 | 46,300.00 | -14.89% |
002710 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 27, 2023 | Dec 27, 2023 | Apr 18, 2024 | ₩120.00 | 0.219% |
| 2 | Dec 28, 2022 | Dec 28, 2022 | Dec 28, 2022 | ₩120.00 | 1.27% |
| 3 | Dec 29, 2021 | Dec 29, 2021 | Dec 29, 2021 | ₩150.00 | 1.69% |
| 4 | Dec 29, 2020 | Dec 29, 2020 | Dec 29, 2020 | ₩14.68 | 0.284% |
| 5 | Dec 27, 2019 | Dec 27, 2019 | Dec 27, 2019 | ₩28.48 | 1.07% |
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