Reliance Steel & Aluminum Co Stock Forecast

RS Signals & Forecast

The Reliance Steel & Aluminum Co stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $269.84 and $261.10. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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, November 14, 2023, and so far it has fallen -0.480%. 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).

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Support, Risk & Stop-loss for Reliance Steel & Aluminum Co stock

Reliance Steel & Aluminum Co finds support from accumulated volume at $262.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $5.78 (2.17%) between high and low. For the last week, the stock has had daily average volatility of 1.30%.

Our recommended stop-loss: $261.15 (-3.84%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 8 days ago.)

Trading Expectations (RS) For The Upcoming Trading Day Of Tuesday 28th

For the upcoming trading day on Tuesday, 28th we expect Reliance Steel & Aluminum Co to open at $269.71, and during the day (based on 14 day Average True Range), to move between $267.27 and $275.85, which gives a possible trading interval of +/-$4.29 (+/-1.58%) 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 3.16% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $272.42 (0.32%) than the support at $262.05 (3.50%), 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 Reliance Steel & Aluminum Co stock A Buy?

Reliance Steel & Aluminum Co holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: 0.280 Open Broker Account

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