Reliance Steel & Aluminum Co Stock Forecast
Weaker technical forecast for Reliance Steel & Aluminum Co as stock downgraded to Sell Candidate.
(Updated on Apr 22, 2024)
The Reliance Steel & Aluminum Co stock price gained 0.0156% on the last trading day (Monday, 22nd Apr 2024), rising from $319.49 to $319.54. During the last trading day the stock fluctuated 1.98% from a day low at $315.38 to a day high of $321.64. The price has fallen in 9 of the last 10 days and is down by -5.2% for this period. Volume fell on the last day by -33 thousand shares and in total, 109 thousand shares were bought and sold for approximately $34.98 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the stock is expected to rise 16.10% during the next 3 months and, with a 90% probability hold a price between $370.97 and $404.73 at the end of this 3-month period.
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RS Signals & Forecast
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. The Reliance Steel & Aluminum Co 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 $322.14 and $327.14. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -6.03%. 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).
Support, Risk & Stop-loss for Reliance Steel & Aluminum Co stock
Reliance Steel & Aluminum Co finds support from accumulated volume at $319.25 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 $6.26 between high and low, or 1.98%. For the last week the stock has had daily average volatility of 1.83%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RS) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Reliance Steel & Aluminum Co to open at $318.85, and during the day (based on 14 day Average True Range), to move between $313.58 and $325.50, which gives a possible trading interval of +/-$5.96 (+/-1.87%) up or down from last closing price. If Reliance Steel & Aluminum Co takes out the full calculated possible swing range there will be an estimated 3.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $319.80 (0.08%) than the support at $319.25 (0.09%), 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.
Earnings coming up
Reliance Steel & Aluminum Co will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $5.51. We will update the financials statements for Reliance Steel & Aluminum Co, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.23% in the first trading day after earnings release.
Is Reliance Steel & Aluminum Co stock A Buy?
The Reliance Steel & Aluminum Co stock holds several negative signals and despite the positive trend, we believe Reliance Steel & Aluminum Co will perform weakly in the next couple of days or weeks. Therefore, we 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: -3.502 Sell Candidate Downgraded
Predicted Opening Price for Reliance Steel & Aluminum Co of Tuesday, April 23, 2024
Fair opening price April 23, 2024 | Current price |
---|---|
$318.85 ( 0.215%) | $319.54 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 325.11 | 1.74 % | |
R2 | 322.72 | 1.00 % | ||
R1 | 321.24 | 0.533 % | ||
Current price: | 319.54 | |||
Support | S1 | 316.46 | -0.96 % | |
S2 | 314.98 | -1.43 % | ||
S3 | 312.59 | -2.17 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 332.34 | 4.01 % | |
R2 | 326.43 | 2.16 % | ||
R1 | 319.80 | 0.0814 % | ||
Current price | 319.54 | |||
Support | S1 | 319.25 | -0.0908% | |
S2 | 317.57 | -0.617% | ||
S3 | 316.27 | -1.02% |
RS Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 13, 2024 | Mar 07, 2024 | Mar 22, 2024 | $1.10 | 0.333% |
2 | Oct 24, 2023 | Nov 16, 2023 | Dec 01, 2023 | $1.00 | 0.359% |
3 | Jul 25, 2023 | Aug 17, 2023 | Sep 01, 2023 | $1.00 | 0.350% |
4 | Apr 25, 2023 | May 25, 2023 | Jun 09, 2023 | $1.00 | 0.405% |
5 | Feb 14, 2023 | Mar 09, 2023 | Mar 24, 2023 | $1.00 | 0.397% |
FAQ
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