Steel Connect Inc. Stock Forecast
Steel Connect Inc. stock price ended at $12.55 on Friday, after gaining 0.400%.
(Updated on May 10, 2024)
The Steel Connect Inc. stock price gained 0.400% on the last trading day (Friday, 10th May 2024), rising from $12.50 to $12.55. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.21% from a day low at $12.40 to a day high of $12.55. The price has risen in 7 of the last 10 days and is up by 3.51% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 thousand more shares were traded than the day before. In total, 7 thousand shares were bought and sold for approximately $82.40 thousand.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $12.20, a level that may pose a second chance to hit a runner. According to fan-theory $14.06 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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STCN Signals & Forecast
The Steel Connect Inc. 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 $12.41 and $10.73. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 09, 2024, and so far it has risen 44.25%. Further rise is indicated until a new top pivot has been found. Steel Connect Inc. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Steel Connect Inc. stock
Steel Connect Inc. finds support from accumulated volume at $12.14 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.150 between high and low, or 1.21%. For the last week, the stock has had daily average volatility of 2.52%.
Our recommended stop-loss: $12.11 (-3.52%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (STCN) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Steel Connect Inc. to open at $12.50, and during the day (based on 14 day Average True Range), to move between $12.14 and $12.96, which gives a possible trading interval of +/-$0.406 (+/-3.23%) up or down from last closing price. If Steel Connect Inc. takes out the full calculated possible swing range there will be an estimated 6.46% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $12.14, some $0.410 (3.27%) from the current price of $12.55, our system finds the risk reward attractive.
Is Steel Connect Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and the stock has broken the rising trend up, which indicates an even stronger rate of rising. We can conclude that the current level may hold a buying opportunity as there is a fair chance for Steel Connect Inc. stock to perform well in the short-term period. Due to a possible false trend-break listing stock as pure buy candidate is held back.
Current score: 3.438 Buy Candidate Unchanged
Predicted Opening Price for Steel Connect Inc. of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $12.50 ( 0.398%) | $12.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for STCN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.65 | 0.797 % | |
| R2 | 12.59 | 0.340 % | ||
| R1 | 12.56 | 0.0582 % | ||
| Current price: | 12.55 | |||
| Support | S1 | 12.44 | -0.85 % | |
| S2 | 12.41 | -1.14 % | ||
| S3 | 12.35 | -1.59 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 12.55 | |||
| Support | S1 | 12.14 | -3.27% | |
| S2 | 12.13 | -3.39% | ||
| S3 | 12.09 | -3.67% |
STCN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2011 | Mar 15, 2011 | Mar 31, 2011 | $0.91 | 1.79% |
| 2 | Jun 03, 1997 | Jun 03, 1997 | Jun 03, 1997 | $0.547 | 0.595% |
FAQ
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