Nippon Steel Corporation Stock Forecast
Nippon Steel Corporation stock upgraded to Hold/Accumulate.
(Updated on Jun 21, 2024)
The Nippon Steel Corporation stock price gained 0.423% on the last trading day (Friday, 21st Jun 2024), rising from $7.09 to $7.12. During the last trading day the stock fluctuated 0.281% from a day low at $7.12 to a day high of $7.14. The price has risen in 5 of the last 10 days but is still down by -2.2% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 10 thousand more shares were traded than the day before. In total, 12 thousand shares were bought and sold for approximately $85.51 thousand.
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 -13.53% during the next 3 months and, with a 90% probability hold a price between $5.51 and $6.41 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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NPSCY Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 3.04%. Further rise is indicated until a new top pivot has been found. Nippon Steel Corporation has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nippon Steel Corporation 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 $7.13 and $7.21. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Nippon Steel Corporation stock
Nippon Steel Corporation finds support from accumulated volume at $7.11 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 very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0200 between high and low, or 0.281%. For the last week the stock has had daily average volatility of 0.96%.
Our recommended stop-loss: $6.83 (-4.04%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 74 days ago.)
Trading Expectations (NPSCY) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Nippon Steel Corporation to open at $7.13, and during the day (based on 14 day Average True Range), to move between $6.96 and $7.28, which gives a possible trading interval of +/-$0.156 (+/-2.19%) up or down from last closing price. If Nippon Steel Corporation takes out the full calculated possible swing range there will be an estimated 4.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.11 (0.14%) than the resistance at $7.36 (3.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Nippon Steel Corporation stock A Buy?
Nippon Steel Corporation 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: -0.277 Hold/Accumulate Upgraded
Predicted Opening Price for Nippon Steel Corporation of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $7.13 ( 0.0936%) | $7.12 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NPSCY
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.15 | 0.375% |
| R2 | 7.14 | 0.267% |
| R1 | 7.13 | 0.201% |
| Price | 7.12 | |
| S1 | 7.12 | -0.0137% |
| S2 | 7.11 | -0.0800% |
| S3 | 7.11 | -0.187% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.01 | 12.50% |
| R2 | 7.49 | 5.20% |
| R1 | 7.36 | 3.38% |
| Price | 7.12 | |
| S1 | 7.11 | -0.140% |
| S2 | 6.98 | -1.99% |
| S3 | 6.91 | -2.95% |
NPSCY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 28, 2023 | Sep 28, 2023 | Dec 11, 2023 | $0.126 | 1.66% |
| 2 | Mar 30, 2023 | Mar 30, 2023 | Jul 06, 2023 | $0.148 | 2.16% |
| 3 | Sep 29, 2022 | Sep 29, 2022 | Dec 10, 2018 | $0.647 | 11.22% |
| 4 | Mar 26, 2014 | Mar 26, 2014 | Mar 26, 2014 | $0.0980 | 1.13% |
FAQ
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