INSTEEL INDUSTRIES INC. - Daily - Technical analysis published on 09/12/2019 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Court terme:
Strongly bullish
De fond:
Bullish
Technical indicators
83%
0%
17%
My opinion
Bullish above 20.00 USD
My targets
22.45 USD (+5.60%)
23.99 USD (+12.84%)
My analysis
In the short term, there could be an acceleration of the basic bullish trend on INSTEEL INDUSTRIES INC.. This is a positive signal for buyers. As long as the price remains above 20.00 USD, a purchase could be considered. The first bullish objective is located at 22.45 USD. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 23.99 USD as an objective. Crossing it would then enable buyers to target 25.90 USD. In the event of a return below 20.00 USD, the price would probably only initiate a small short-term correction to improve the bullish trend. Trading this correction may be risky.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
FORCE
0
10
6.6
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
INSTEEL INDUSTRIES INC. rating 21.26 USD. The price registered an increase of +5.25% on the session and was traded between 19.83 USD and 21.36 USD over the period. The price is currently at +7.21% from its lowest and -0.47% from its highest.19.83
21.36
21.26
The Central Gaps scanner detects the formation of a bullish gap marking the strong presence of buyers against sellers at the opening. This formed a quotation gap.
Opening Gap UP
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Technical
Technical analysis of this Daily chart of INSTEEL INDUSTRIES INC. indicates that the overall trend is bullish. 71.43% of the signals given by moving averages are bullish. This bullish trend is supported by the strong bullish signals given by short-term moving averages. The Central Indicators scanner detects bullish signals on moving averages that could impact this trend:
Bullish trend reversal : adaptative moving average 100
Type : Bullish
Timeframe : Daily
Bullish price crossover with Moving Average 50
Type : Bullish
Timeframe : Daily
Bullish price crossover with Moving Average 100
Type : Bullish
Timeframe : Daily
Bullish price crossover with adaptative moving average 20
Type : Bullish
Timeframe : Daily
Bullish price crossover with adaptative moving average 50
Type : Bullish
Timeframe : Daily
Bullish price crossover with adaptative moving average 100
Type : Bullish
Timeframe : Daily
In fact, 15 technical indicators on 18 studied are currently positioned bullish. Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 3
Type : Neutral
Timeframe : Weekly
Ichimoku : price is over the cloud
Type : Bullish
Timeframe : Daily
SuperTrend indicator bullish reversal
Type : Bullish
Timeframe : Daily
MACD indicator is back over 0
Type : Bullish
Timeframe : Daily
Ichimoku - Bullish crossover : Tenkan & Kijun
Type : Bullish
Timeframe : Daily
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified this signal:
Near resistance of channel
Type : Bearish
Timeframe : Daily
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects a bullish signal that could support the hypothesis of a small rebound in the very short term:
Three white soldiers
Type : Bullish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 17.66 | 18.98 | 20.00 | 21.26 | 22.45 | 23.99 | 25.90 |
| Change (%) | -16.93% | -10.72% | -5.93% | - | +5.60% | +12.84% | +21.83% |
| Change | -3.60 | -2.28 | -1.26 | - | +1.19 | +2.73 | +4.64 |
| Level | Major | Major | Intermediate | - | Major | Minor | Major |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 18.26 | 18.65 | 19.43 | 19.82 | 20.60 | 20.99 | 21.77 |
| Camarilla | 19.88 | 19.99 | 20.09 | 20.20 | 20.31 | 20.42 | 20.52 |
| Woodie | 18.45 | 18.75 | 19.62 | 19.92 | 20.79 | 21.09 | 21.96 |
| Fibonacci | 18.65 | 19.10 | 19.38 | 19.82 | 20.27 | 20.55 | 20.99 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 16.59 | 17.18 | 18.02 | 18.61 | 19.45 | 20.04 | 20.88 |
| Camarilla | 18.48 | 18.61 | 18.74 | 18.87 | 19.00 | 19.13 | 19.26 |
| Woodie | 16.73 | 17.24 | 18.16 | 18.67 | 19.59 | 20.10 | 21.02 |
| Fibonacci | 17.18 | 17.72 | 18.06 | 18.61 | 19.15 | 19.49 | 20.04 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 15.35 | 16.46 | 17.58 | 18.69 | 19.81 | 20.92 | 22.04 |
| Camarilla | 18.09 | 18.29 | 18.50 | 18.70 | 18.90 | 19.11 | 19.31 |
| Woodie | 15.36 | 16.46 | 17.59 | 18.69 | 19.82 | 20.92 | 22.05 |
| Fibonacci | 16.46 | 17.31 | 17.84 | 18.69 | 19.54 | 20.07 | 20.92 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 69.52 | |
| MACD (12,26,9): | 0.2000 | |
| Directional Movement: | 20.56 | |
| AROON (14): | 42.86 | |
| DEMA (21): | 19.18 | |
| Parabolic SAR (0,02-0,02-0,2): | 18.12 | |
| Elder Ray (13): | 1.39 | |
| Super Trend (3,10): | 18.32 | |
| Zig ZAG (10): | 21.26 | |
| VORTEX (21): | 1.0700 | |
| Stochastique (14,3,5): | 94.04 | |
| TEMA (21): | 19.61 | |
| Williams %R (14): | -2.78 | |
| Chande Momentum Oscillator (20): | 3.06 | |
| Repulse (5,40,3): | 12.5400 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | -0.1100 | |
| Courbe Coppock: | 10.09 |
| MA7: | 19.24 | |
| MA20: | 18.73 | |
| MA50: | 19.46 | |
| MA100: | 19.57 | |
| MAexp7: | 19.64 | |
| MAexp20: | 19.07 | |
| MAexp50: | 19.22 | |
| MAexp100: | 19.91 | |
| Price / MA7: | +10.50% | |
| Price / MA20: | +13.51% | |
| Price / MA50: | +9.25% | |
| Price / MA100: | +8.64% | |
| Price / MAexp7: | +8.25% | |
| Price / MAexp20: | +11.48% | |
| Price / MAexp50: | +10.61% | |
| Price / MAexp100: | +6.78% |
News
The last news published on INSTEEL INDUSTRIES INC. at the time of the generation of this analysis was as follows:
- Insteel Industries Declares Quarterly Cash Dividend
- Insteel Industries Reports Third Quarter 2019 Results
- Insteel Industries Announces Third Quarter 2019 Conference Call
- Insteel Industries Declares Quarterly Cash Dividend
- Insteel Industries Reports Second Quarter 2019 Results
This member declared not having a position on this financial instrument or a related financial instrument.
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