Universal Stainless & Alloy Products Stock Forecast
Green day on Thursday for Universal Stainless & Alloy Products stock after gaining 0.87%
(Updated on Apr 25, 2024)
The Universal Stainless & Alloy Products stock price gained 0.87% on the last trading day (Thursday, 25th Apr 2024), rising from $26.51 to $26.74. During the last trading day the stock fluctuated 3.72% from a day low at $25.83 to a day high of $26.79. The price has risen in 6 of the last 10 days and is up by 5.4% over the past 2 weeks. Volume fell on the last day by -56 thousand shares and in total, 75 thousand shares were bought and sold for approximately $2.00 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 strong 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 45.44% during the next 3 months and, with a 90% probability hold a price between $35.56 and $40.40 at the end of this 3-month period.
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USAP Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -2.76%. 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). The Universal Stainless & Alloy Products 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 $26.53 and $24.19. A breakdown below any of these levels will issue sell signals. 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 Universal Stainless & Alloy Products stock
Universal Stainless & Alloy Products finds support from accumulated volume at $26.54 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 $0.96 between high and low, or 3.72%. For the last week, the stock has had daily average volatility of 3.95%.
Our recommended stop-loss: $25.53 (-4.53%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (USAP) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Universal Stainless & Alloy Products to open at $26.45, and during the day (based on 14 day Average True Range), to move between $25.56 and $27.92, which gives a possible trading interval of +/-$1.18 (+/-4.42%) up or down from last closing price. If Universal Stainless & Alloy Products takes out the full calculated possible swing range there will be an estimated 8.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $26.54 (0.75%) than the resistance at $27.00 (0.97%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Universal Stainless & Alloy Products will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.320. We will update the financials statements for Universal Stainless & Alloy Products, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.15% in the first trading day after earnings release.
Is Universal Stainless & Alloy Products 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 Universal Stainless & Alloy Products stock to perform well in the short-term.
Current score: 1.844 Buy Candidate Unchanged
Predicted Opening Price for Universal Stainless & Alloy Products of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $26.45 ( 1.07%) | $26.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USAP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 27.41 | 2.52 % | |
| R2 | 27.05 | 1.15 % | ||
| R1 | 26.82 | 0.299 % | ||
| Current price: | 26.74 | |||
| Support | S1 | 26.09 | -2.44 % | |
| S2 | 25.86 | -3.29 % | ||
| S3 | 25.49 | -4.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 27.50 | 2.84 % | ||
| R1 | 27.00 | 0.97 % | ||
| Current price | 26.74 | |||
| Support | S1 | 26.54 | -0.748% | |
| S2 | 26.51 | -0.86% | ||
| S3 | 22.42 | -16.16% |
FAQ
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