Commercial Metals Company Stock Forecast

Commercial Metals Company stock downgraded to Sell Candidate
(Updated on Apr 18, 2024)

CMC Signals & Forecast

There are few to no technical positive signals at the moment. The Commercial Metals Company stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $55.87 and $55.73. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -6.31%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Thursday, March 14, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Commercial Metals Company stock

Commercial Metals Company finds support from accumulated volume at $53.80 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 $1.29 (2.34%) between high and low. For the last week, the stock has had daily average volatility of 2.34%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (CMC) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect Commercial Metals Company to open at $55.50, and during the day (based on 14 day Average True Range), to move between $53.93 and $56.63, which gives a possible trading interval of +/-$1.35 (+/-2.43%) up or down from last closing price. If Commercial Metals Company takes out the full calculated possible swing range there will be an estimated 4.87% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $56.01 (1.32%) than the support at $53.80 (2.68%), 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 Commercial Metals Company stock A Buy?

The Commercial Metals Company stock holds several negative signals and despite the positive trend, we believe Commercial Metals Company will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Sell candidate.

Current score: -4.596 Sell Candidate Downgraded

Predicted Opening Price for Commercial Metals Company of Friday, April 19, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.