Insteel Industries Stock Forecast

IIIN Signals & Forecast

The Insteel Industries 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 $35.19. On a fall, the stock will find some support from the long-term average at approximately $31.53. 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. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. 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 Wednesday, December 06, 2023, and so far it has fallen -5.32%. 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). The stock had a Golden Star Signal on Thursday, October 05, 2023 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

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Support, Risk & Stop-loss for Insteel Industries stock

Insteel Industries finds support from accumulated volume at $33.06 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 $0.726 between high and low, or 2.12%. For the last week, the stock has had daily average volatility of 3.84%.

Our recommended stop-loss: $32.53 (-5.35%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (IIIN) For The Upcoming Trading Day Of Monday 11th

For the upcoming trading day on Monday, 11th we expect Insteel Industries to open at $34.51, and during the day (based on 14 day Average True Range), to move between $33.23 and $35.51, which gives a possible trading interval of +/-$1.14 (+/-3.33%) up or down from last closing price. If Insteel Industries takes out the full calculated possible swing range there will be an estimated 6.65% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $33.06 (3.81%) than the resistance at $36.03 (4.83%), 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 this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.574 Open Broker Account

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