Olympic Steel Stock Forecast
Red day on Thursday for Olympic Steel
(Updated on Apr 18, 2024)
The Olympic Steel stock price fell by -0.677% on the last day (Thursday, 18th Apr 2024) from $67.92 to $67.46. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.23% from a day low at $66.77 to a day high of $68.93. The price has fallen in 6 of the last 10 days and is down by -4.69% 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 -16 thousand shares and in total, 37 thousand shares were bought and sold for approximately $2.48 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 3.28% during the next 3 months and, with a 90% probability hold a price between $66.09 and $76.17 at the end of this 3-month period.
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ZEUS Signals & Forecast
There are few to no technical positive signals at the moment. The Olympic Steel 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 $68.51 and $67.90. 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 -6.32%. 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.
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 -13.84% to $58.13 within 34 trading days since signal was issued (Friday, April 19, 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.
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 $2.16 between high and low, or 3.23%. For the last week the stock has had daily average volatility of 3.15%.
Our recommended stop-loss: $63.62 (-5.69%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (ZEUS) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Olympic Steel to open at $67.72, and during the day (based on 14 day Average True Range), to move between $65.30 and $69.62, which gives a possible trading interval of +/-$2.16 (+/-3.20%) up or down from last closing price. If Olympic Steel takes out the full calculated possible swing range there will be an estimated 6.41% 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 (0.18%) than the support at $66.17 (1.91%), 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 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.
Current score: -0.339 Hold/Accumulate Unchanged
Predicted Opening Price for Olympic Steel of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $67.72 ( 0.385%) | $67.46 |
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 | 69.88 | 3.59 % | |
| R2 | 69.05 | 2.36 % | ||
| R1 | 68.55 | 1.61 % | ||
| Current price: | 67.46 | |||
| Support | S1 | 66.89 | -0.84 % | |
| S2 | 66.39 | -1.59 % | ||
| S3 | 65.56 | -2.82 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 69.77 | 3.42 % | |
| R2 | 68.60 | 1.69 % | ||
| R1 | 67.58 | 0.178 % | ||
| Current price | 67.46 | |||
| Support | S1 | 66.17 | -1.91% | |
| S2 | 65.63 | -2.71% | ||
| S3 | 62.86 | -6.82% |
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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