National Steel Company Stock Forecast
National Steel Company stock upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jul 02, 2024)
No changes to the price of National Steel Company stock on the last trading day (Tuesday, 2nd Jul 2024). During the last trading day the stock fluctuated 2.44% from a day low at $2.25 to a day high of $2.31. The price has fallen in 5 of the last 10 days but is still up by 4.07% over the past 2 weeks.
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 -23.08% during the next 3 months and, with a 90% probability hold a price between $1.61 and $1.89 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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SID Signals & Forecast
There are mixed signals in the stock today. The National Steel 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 $2.31 and $2.45. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 4.07%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). The volume rose on the last day while price remained unchanged. This may be an early warning and the stock should be watched closely.
Support, Risk & Stop-loss for National Steel Company stock
National Steel Company finds support from accumulated volume at $2.25 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 $0.0550 between high and low, or 2.44%. For the last week, the stock has had daily average volatility of 2.29%.
Our recommended stop-loss: $2.21 (-4.02%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 49 days ago.)
Trading Expectations (SID) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect National Steel Company to open at $2.29, and during the day (based on 14 day Average True Range), to move between $2.22 and $2.38, which gives a possible trading interval of +/-$0.0772 (+/-3.36%) up or down from last closing price. If National Steel Company takes out the full calculated possible swing range there will be an estimated 6.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.25 (2.17%) than the resistance at $2.79 (21.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is National Steel Company stock A Buy?
National Steel Company 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: -0.840 Hold/Accumulate Upgraded
Predicted Opening Price for National Steel Company of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $2.29 ( 0.652%) | $2.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SID
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.34 | 1.74% |
| R2 | 2.32 | 0.83% |
| R1 | 2.31 | 0.261% |
| Price | 2.30 | |
| S1 | 2.26 | -1.57% |
| S2 | 2.25 | -2.13% |
| S3 | 2.23 | -3.04% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.83 | 23.04% |
| R2 | 2.82 | 22.61% |
| R1 | 2.79 | 21.30% |
| Price | 2.30 | |
| S1 | 2.25 | -2.17% |
| S2 | 2.24 | -2.61% |
| S3 | 2.22 | -3.48% |
SID Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 22, 2024 | May 22, 2024 | May 22, 2024 | $0.140 | 5.39% |
| 2 | Nov 14, 2023 | Nov 22, 2023 | Nov 22, 2023 | $0.153 | 4.72% |
| 3 | May 02, 2023 | May 10, 2023 | May 24, 2023 | $0.244 | 9.46% |
| 4 | May 10, 2023 | Jan 05, 2023 | Dec 09, 2022 | $0.100 | 3.52% |
| 5 | Nov 22, 2022 | Dec 01, 2022 | May 10, 2023 | $0.225 | 8.46% |
FAQ
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