Olympic Steel Stock Forecast
Evaluation of Olympic Steel stock downgraded after the last trading session.
(Updated on Apr 24, 2024)
The Olympic Steel stock price fell by -1.99% on the last day (Wednesday, 24th Apr 2024) from $68.93 to $67.56. During the last trading day the stock fluctuated 3.87% from a day low at $66.89 to a day high of $69.48. The price has fallen in 6 of the last 10 days and is down by -2.45% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -31 thousand shares and in total, 44 thousand shares were bought and sold for approximately $2.98 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Olympic Steel stock with a 90% probability to be traded between $64.80 and $74.52 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ZEUS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 0.148%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Olympic Steel 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 $67.96 and $68.11. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A sell signal from a double top formation was found on Friday, April 05, 2024 and based on theory for this formation the price should fall by -13.96% to $58.13 within 34 trading days since signal was issued (Thursday, April 25, 2024).
Support, Risk & Stop-loss for Olympic Steel stock
Olympic Steel finds support from accumulated volume at $66.17 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.59 (3.87%) between high and low. For the last week, the stock has had daily average volatility of 3.06%.
Our recommended stop-loss: $63.35 (-6.23%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (ZEUS) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Olympic Steel to open at $67.98, and during the day (based on 14 day Average True Range), to move between $65.42 and $69.70, which gives a possible trading interval of +/-$2.14 (+/-3.16%) up or down from last closing price. If Olympic Steel takes out the full calculated possible swing range there will be an estimated 6.32% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $67.58 (0.03%) than the support at $66.17 (2.06%), 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.
Earnings coming up
Olympic Steel will release earnings BMO on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.730. We will update the financials statements for Olympic Steel, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.79% in the first trading day after earnings release.
Is Olympic Steel stock A Buy?
Olympic Steel holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.491 Hold/Accumulate Downgraded
Predicted Opening Price for Olympic Steel of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $67.98 ( 0.617%) | $67.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZEUS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 70.57 | 4.45 % | |
| R2 | 69.58 | 2.99 % | ||
| R1 | 68.97 | 2.08 % | ||
| Current price: | 67.56 | |||
| Support | S1 | 66.99 | -0.85 % | |
| S2 | 66.38 | -1.75 % | ||
| S3 | 65.39 | -3.22 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 69.77 | 3.27 % | |
| R2 | 68.60 | 1.54 % | ||
| R1 | 67.58 | 0.0296 % | ||
| Current price | 67.56 | |||
| Support | S1 | 66.17 | -2.06% | |
| S2 | 65.63 | -2.86% | ||
| S3 | 62.86 | -6.96% |
ZEUS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 22, 2024 | Mar 01, 2024 | Mar 15, 2024 | $0.150 | 0.229% |
| 2 | Nov 02, 2023 | Nov 30, 2023 | Dec 15, 2023 | $0.130 | 0.219% |
| 3 | Aug 03, 2023 | Aug 31, 2023 | Sep 15, 2023 | $0.125 | 0.249% |
| 4 | May 03, 2023 | May 31, 2023 | Jun 15, 2023 | $0.125 | 0.272% |
| 5 | Feb 09, 2023 | Feb 28, 2023 | Mar 15, 2023 | $0.125 | 0.267% |
FAQ
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