Universal Stainless & Alloy Products Stock Forecast
Universal Stainless & Alloy Products stock upgraded to Strong Buy Candidate.
(Updated on May 06, 2024)
The Universal Stainless & Alloy Products stock price gained 2.62% on the last trading day (Monday, 6th May 2024), rising from $28.98 to $29.74. During the last trading day the stock fluctuated 3.12% from a day low at $29.19 to a day high of $30.10. The price has risen in 6 of the last 10 days and is up by 12.35% over the past 2 weeks. Volume fell on the last day by -21 thousand shares and in total, 141 thousand shares were bought and sold for approximately $4.20 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 upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $30.34 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 46.92% during the next 3 months and, with a 90% probability hold a price between $39.01 and $44.57 at the end of this 3-month period.
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USAP Signals & Forecast
Mostly positive signals in the chart today. 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 $27.73 and $25.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 12, 2024, and so far it has risen 20.75%. 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 Universal Stainless & Alloy Products stock
Universal Stainless & Alloy Products finds support from accumulated volume at $29.06 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 $0.91 between high and low, or 3.12%. For the last week, the stock has had daily average volatility of 7.14%.
Our recommended stop-loss: $28.72 (-3.42%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (USAP) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Universal Stainless & Alloy Products to open at $29.68, and during the day (based on 14 day Average True Range), to move between $28.28 and $31.20, which gives a possible trading interval of +/-$1.46 (+/-4.91%) 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 9.82% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $29.06, some $0.680 (2.29%) from the current price of $29.74, our system finds the risk reward attractive.
Is Universal Stainless & Alloy Products stock A Buy?
Universal Stainless & Alloy Products holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.009 Strong Buy Candidate Upgraded
Predicted Opening Price for Universal Stainless & Alloy Products of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $29.68 ( 0.213%) | $29.74 |
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 | 30.59 | 2.85 % | |
| R2 | 30.24 | 1.68 % | ||
| R1 | 30.02 | 0.96 % | ||
| Current price: | 29.74 | |||
| Support | S1 | 29.33 | -1.38 % | |
| S2 | 29.11 | -2.10 % | ||
| S3 | 28.77 | -3.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 29.74 | |||
| Support | S1 | 29.06 | -2.29% | |
| S2 | 26.54 | -10.76% | ||
| S3 | 22.42 | -24.61% |
FAQ
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