Russel Metals Inc. Stock Forecast
Red day on Thursday for Russel Metals Inc.
(Updated on Apr 25, 2024)
The Russel Metals Inc. stock price fell by -1.16% on the last day (Thursday, 25th Apr 2024) from $39.73 to $39.27. During the last trading day the stock fluctuated 2.20% from a day low at $38.59 to a day high of $39.44. The price has been going up and down for this period, and there has been a -3.82% loss for the last 2 weeks. Volume has increased on the last day by 44 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 142 thousand shares were bought and sold for approximately $5.58 million.
The stock has broken the falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($39.85) are considered to be a "second chance" to get out. According to the fan-theory $36.03 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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RUS.TO Signals & Forecast
There are few to no technical positive signals at the moment. The Russel Metals Inc. 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 $39.58 and $42.74. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -13.20%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Russel Metals Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.85 between high and low, or 2.20%. For the last week, the stock has had daily average volatility of 1.84%.
Russel Metals Inc. is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RUS.TO) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Russel Metals Inc. to open at $39.10, and during the day (based on 14 day Average True Range), to move between $38.35 and $40.19, which gives a possible trading interval of +/-$0.92 (+/-2.35%) up or down from last closing price. If Russel Metals Inc. takes out the full calculated possible swing range there will be an estimated 4.71% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $44.09, some $4.82 (12.27%) from the current price of $39.27, our system finds the risk reward not very attractive.
Earnings coming up
Russel Metals Inc. will release earnings BMO on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.80. We will update the financials statements for Russel Metals Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.67% in the first trading day after earnings release.
Is Russel Metals Inc. stock A Buy?
Russel Metals Inc. holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.699 Sell Candidate Unchanged
Predicted Opening Price for Russel Metals Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $39.10 ( 0.433%) | $39.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RUS.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.95 | 1.73 % | |
| R2 | 39.63 | 0.90 % | ||
| R1 | 39.42 | 0.394 % | ||
| Current price: | 39.27 | |||
| Support | S1 | 38.78 | -1.26 % | |
| S2 | 38.57 | -1.77 % | ||
| S3 | 38.25 | -2.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.46 | 18.31 % | |
| R2 | 44.88 | 14.29 % | ||
| R1 | 44.09 | 12.27 % | ||
| Current price | 39.27 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
RUS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 08, 2024 | Feb 28, 2024 | Mar 15, 2024 | $0.400 | 0.89% |
| 2 | Nov 08, 2023 | Nov 28, 2023 | Dec 15, 2023 | $0.400 | 0.92% |
| 3 | Aug 10, 2023 | Aug 28, 2023 | Sep 15, 2023 | $0.400 | 1.07% |
| 4 | May 29, 2023 | May 29, 2023 | Jun 15, 2023 | $0.400 | 1.06% |
| 5 | Feb 09, 2023 | Feb 27, 2023 | Mar 15, 2023 | $0.380 | 1.12% |
FAQ
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