Stelco Holdings Inc. Stock Forecast
Stelco Holdings Inc. stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on May 10, 2024)
The Stelco Holdings Inc. stock price gained 3.89% on the last trading day (Friday, 10th May 2024), rising from $41.36 to $42.97. It has now gained 3 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 4.61% from a day low at $41.08 to a day high of $42.97. The price has risen in 6 of the last 10 days and is up by 7.32% over the past 2 weeks. Volume fell on the last day by -90 thousand shares and in total, 302 thousand shares were bought and sold for approximately $12.99 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.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.55% during the next 3 months and, with a 90% probability hold a price between $40.25 and $46.65 at the end of this 3-month period.
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STLC.TO Signals & Forecast
Mostly positive signals in the chart today. The Stelco Holdings Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $40.17 and $41.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 9.84%. 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). 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.
Support, Risk & Stop-loss for Stelco Holdings Inc. stock
Stelco Holdings Inc. finds support from accumulated volume at $41.36 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 $1.90 between high and low, or 4.61%. For the last week, the stock has had daily average volatility of 4.00%.
Our recommended stop-loss: $41.57 (-3.26%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (STLC.TO) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Stelco Holdings Inc. to open at $42.34, and during the day (based on 14 day Average True Range), to move between $41.66 and $44.28, which gives a possible trading interval of +/-$1.31 (+/-3.06%) up or down from last closing price. If Stelco Holdings Inc. takes out the full calculated possible swing range there will be an estimated 6.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $43.23 (0.61%) than the support at $41.36 (3.75%), 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 Stelco Holdings Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Stelco Holdings Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.493 Buy Candidate Upgraded
Predicted Opening Price for Stelco Holdings Inc. of Monday, May 13, 2024
Fair opening price May 13, 2024 | Current price |
---|---|
$42.34 ( 1.47%) | $42.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for STLC.TO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 44.23 | 2.94 % | |
R2 | 43.51 | 1.26 % | ||
R1 | 43.06 | 0.215 % | ||
Current price: | 42.97 | |||
Support | S1 | 41.61 | -3.15 % | |
S2 | 41.17 | -4.20 % | ||
S3 | 40.44 | -5.88 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 44.50 | 3.56 % | |
R2 | 43.95 | 2.28 % | ||
R1 | 43.23 | 0.605 % | ||
Current price | 42.97 | |||
Support | S1 | 41.36 | -3.75% | |
S2 | 40.05 | -6.80% | ||
S3 | 39.12 | -8.96% |
STLC Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 16, 2024 | May 16, 2024 | May 24, 2024 | $0.500 | 1.16% |
2 | Feb 29, 2024 | Feb 29, 2024 | Mar 07, 2024 | $0.500 | 1.20% |
3 | Nov 21, 2023 | Nov 21, 2023 | Nov 28, 2023 | $3.42 | 7.85% |
4 | Aug 17, 2023 | Aug 17, 2023 | Aug 24, 2023 | $0.420 | 1.08% |
5 | May 17, 2023 | May 17, 2023 | May 23, 2023 | $0.420 | 0.98% |
FAQ
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