Commercial Metals Company Stock Forecast
Evaluation of Commercial Metals Company stock downgraded after the last trading session.
(Updated on Jul 02, 2024)
The Commercial Metals Company stock price fell by -1.05% on the last day (Tuesday, 2nd Jul 2024) from $53.52 to $52.96. During the last trading day the stock fluctuated 2.90% from a day low at $52.36 to a day high of $53.88. The price has been going up and down for this period, and there has been a 4.11% gain for the last 2 weeks. Volume has increased on the last day by 249 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, 711 thousand shares were bought and sold for approximately $37.65 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 -7.22% during the next 3 months and, with a 90% probability hold a price between $46.04 and $50.89 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CMC Signals & Forecast
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. The Commercial Metals Company 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 $53.87 and $54.31. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 28, 2024, and so far it has fallen -3.69%. Further fall is indicated until a new bottom pivot has been found. 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 Commercial Metals Company stock
Commercial Metals Company finds support from accumulated volume at $52.67 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.52 between high and low, or 2.90%. For the last week, the stock has had daily average volatility of 2.37%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CMC) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Commercial Metals Company to open at $53.07, and during the day (based on 14 day Average True Range), to move between $51.52 and $54.40, which gives a possible trading interval of +/-$1.44 (+/-2.71%) up or down from last closing price. If Commercial Metals Company takes out the full calculated possible swing range there will be an estimated 5.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $52.67 (0.55%) than the resistance at $54.42 (2.76%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Commercial Metals Company stock A Buy?
Commercial Metals Company 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.757 Strong Sell Candidate Downgraded
Predicted Opening Price for Commercial Metals Company of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $53.07 ( 0.201%) | $52.96 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CMC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 54.59 | 3.07% |
| R2 | 54.01 | 1.98% |
| R1 | 53.65 | 1.30% |
| Price | 52.96 | |
| S1 | 52.49 | -0.89% |
| S2 | 52.13 | -1.57% |
| S3 | 51.55 | -2.67% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 55.10 | 4.04% |
| R2 | 54.99 | 3.83% |
| R1 | 54.42 | 2.76% |
| Price | 52.96 | |
| S1 | 52.67 | -0.548% |
| S2 | 52.13 | -1.57% |
| S3 | 50.87 | -3.95% |
CMC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 01, 2024 | Jul 01, 2024 | Jul 10, 2024 | $0.180 | 0.340% |
| 2 | Mar 20, 2024 | Mar 28, 2024 | Apr 10, 2024 | $0.180 | 0.315% |
| 3 | Jan 17, 2024 | Jan 17, 2024 | Feb 01, 2024 | $0.160 | 0.308% |
| 4 | Oct 10, 2023 | Oct 25, 2023 | Nov 09, 2023 | $0.160 | 0.355% |
| 5 | Jun 21, 2023 | Jun 30, 2023 | Jul 12, 2023 | $0.160 | 0.288% |
FAQ
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