Reliance Steel & Aluminum Co Stock Forecast
Reliance Steel & Aluminum Co stock price ended at $322.12 on Wednesday, after losing 0.235%.
(Updated on Apr 17, 2024)
The Reliance Steel & Aluminum Co stock price fell by -0.235% on the last day (Wednesday, 17th Apr 2024) from $322.88 to $322.12. It has now fallen 8 days in a row. During the last trading day the stock fluctuated 1.50% from a day low at $322.04 to a day high of $326.86. The price has fallen in 9 of the last 10 days and is down by -4.84% 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 -17 thousand shares and in total, 139 thousand shares were bought and sold for approximately $44.82 million.
Given the current short-term trend, the stock is expected to rise 19.54% during the next 3 months and, with a 90% probability hold a price between $385.05 and $415.23 at the end of this 3-month period.
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RS Signals & Forecast
There are few to no technical positive signals at the moment. The Reliance Steel & Aluminum Co 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 $327.78 and $327.25. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -5.27%. 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.
Support, Risk & Stop-loss for Reliance Steel & Aluminum Co stock
Reliance Steel & Aluminum Co finds support from accumulated volume at $319.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $4.82 between high and low, or 1.50%. For the last week the stock has had daily average volatility of 1.56%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RS) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Reliance Steel & Aluminum Co to open at $323.67, and during the day (based on 14 day Average True Range), to move between $316.31 and $327.93, which gives a possible trading interval of +/-$5.81 (+/-1.80%) up or down from last closing price. If Reliance Steel & Aluminum Co takes out the full calculated possible swing range there will be an estimated 3.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $319.25 (0.89%) than the resistance at $326.43 (1.34%), 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
Reliance Steel & Aluminum Co will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $5.51. We will update the financials statements for Reliance Steel & Aluminum Co, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.23% in the first trading day after earnings release.
Is Reliance Steel & Aluminum Co stock A Buy?
The Reliance Steel & Aluminum Co stock holds several negative signals and despite the positive trend, we believe Reliance Steel & Aluminum Co will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.692 Sell Candidate Unchanged
Predicted Opening Price for Reliance Steel & Aluminum Co of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $323.67 ( 0.482%) | $322.12 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 328.49 | 1.98 % | |
| R2 | 326.65 | 1.41 % | ||
| R1 | 325.51 | 1.05 % | ||
| Current price: | 322.12 | |||
| Support | S1 | 321.83 | -0.0894 % | |
| S2 | 320.69 | -0.443 % | ||
| S3 | 318.85 | -1.01 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 333.08 | 3.40 % | |
| R2 | 332.34 | 3.17 % | ||
| R1 | 326.43 | 1.34 % | ||
| Current price | 322.12 | |||
| Support | S1 | 319.25 | -0.89% | |
| S2 | 317.57 | -1.41% | ||
| S3 | 316.27 | -1.82% |
RS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 13, 2024 | Mar 07, 2024 | Mar 22, 2024 | $1.10 | 0.333% |
| 2 | Oct 24, 2023 | Nov 16, 2023 | Dec 01, 2023 | $1.00 | 0.359% |
| 3 | Jul 25, 2023 | Aug 17, 2023 | Sep 01, 2023 | $1.00 | 0.350% |
| 4 | Apr 25, 2023 | May 25, 2023 | Jun 09, 2023 | $1.00 | 0.405% |
| 5 | Feb 14, 2023 | Mar 09, 2023 | Mar 24, 2023 | $1.00 | 0.397% |
FAQ
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