STEEL DYNAMICS INC. - Daily - Technical analysis published on 12/10/2019 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Court terme:
Strongly bullish
De fond:
Strongly bullish
Technical indicators
78%
6%
17%
My opinion
Bullish above 32.67 USD
My targets
35.83 USD (+1.93%)
37.97 USD (+8.02%)
My analysis
STEEL DYNAMICS INC. is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 32.67 USD. The next resistance located at 35.83 USD is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 37.97 USD. After this resistance, buyers could then target 40.67 USD. With the current pattern, you will need to monitor for possible bullish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bullish trend. Trying to take advantage of these possible corrections with sales may seem 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
8.4
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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
STEEL DYNAMICS INC. rating 35.15 USD. On the day, this instrument gained +0.23% with the lowest point at 34.78 USD and the highest point at 35.34 USD. The deviation from the price is +1.06% for the low point and -0.54% for the high point.34.78
35.34
35.15
The Central Gaps scanner detects the formation of a bearish gap marking the strong presence of sellers ahead of buyers at the opening. This formed a quotation gap.
Opening Gap DOWN
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
A technical analysis in Daily of this STEEL DYNAMICS INC. chart shows a strongly bullish trend. 92.86% of the signals given by moving averages are bullish. The overall trend is supported by the strong bullish signals from short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
An assessment of technical indicators shows a strong bullish signal.
Caution: the Central Indicators scanner currently detects an excess:
RSI indicator is overbought : over 70
Type : Neutral
Timeframe : Daily
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Daily
CCI indicator: bearish divergence
Type : Bearish
Timeframe : Daily
MACD indicator: bearish divergence
Type : Bearish
Timeframe : Daily
RSI indicator: bearish divergence
Type : Bearish
Timeframe : Daily
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : Daily
Price is back over the pivot point
Type : Bullish
Timeframe : Weekly
Price is back under the pivot point
Type : Bearish
Timeframe : Daily
The analysis of the price chart with Central Patterns scanners does not return any result.
No result was found by the Central Candlesticks scanner on Japanese candlesticks.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 27.86 | 32.67 | 34.66 | 35.15 | 35.83 | 37.97 | 40.67 |
| Change (%) | -20.74% | -7.06% | -1.39% | - | +1.93% | +8.02% | +15.70% |
| Change | -7.29 | -2.48 | -0.49 | - | +0.68 | +2.82 | +5.52 |
| Level | Intermediate | Major | Intermediate | - | Major | Minor | Major |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 34.10 | 34.58 | 34.83 | 35.31 | 35.55 | 36.03 | 36.27 |
| Camarilla | 34.87 | 34.94 | 35.00 | 35.07 | 35.14 | 35.20 | 35.27 |
| Woodie | 33.98 | 34.52 | 34.71 | 35.25 | 35.43 | 35.97 | 36.16 |
| Fibonacci | 34.58 | 34.86 | 35.03 | 35.31 | 35.58 | 35.75 | 36.03 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 31.66 | 32.44 | 33.77 | 34.54 | 35.88 | 36.65 | 37.98 |
| Camarilla | 34.52 | 34.71 | 34.91 | 35.10 | 35.29 | 35.49 | 35.68 |
| Woodie | 31.94 | 32.58 | 34.05 | 34.68 | 36.15 | 36.79 | 38.26 |
| Fibonacci | 32.44 | 33.24 | 33.74 | 34.54 | 35.35 | 35.85 | 36.65 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 27.85 | 29.32 | 31.52 | 32.99 | 35.19 | 36.66 | 38.86 |
| Camarilla | 32.72 | 33.06 | 33.39 | 33.73 | 34.07 | 34.40 | 34.74 |
| Woodie | 28.23 | 29.50 | 31.90 | 33.17 | 35.57 | 36.84 | 39.24 |
| Fibonacci | 29.32 | 30.72 | 31.59 | 32.99 | 34.39 | 35.26 | 36.66 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 73.60 | |
| MACD (12,26,9): | 1.0800 | |
| Directional Movement: | 22.59 | |
| AROON (14): | 85.72 | |
| DEMA (21): | 34.76 | |
| Parabolic SAR (0,02-0,02-0,2): | 33.83 | |
| Elder Ray (13): | 1.09 | |
| Super Trend (3,10): | 33.02 | |
| Zig ZAG (10): | 35.15 | |
| VORTEX (21): | 1.1700 | |
| Stochastique (14,3,5): | 88.34 | |
| TEMA (21): | 35.17 | |
| Williams %R (14): | -13.93 | |
| Chande Momentum Oscillator (20): | 3.36 | |
| Repulse (5,40,3): | -0.0600 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.4300 | |
| Courbe Coppock: | 17.73 |
| MA7: | 34.53 | |
| MA20: | 33.12 | |
| MA50: | 31.18 | |
| MA100: | 30.25 | |
| MAexp7: | 34.57 | |
| MAexp20: | 33.39 | |
| MAexp50: | 31.89 | |
| MAexp100: | 31.07 | |
| Price / MA7: | +1.80% | |
| Price / MA20: | +6.13% | |
| Price / MA50: | +12.73% | |
| Price / MA100: | +16.20% | |
| Price / MAexp7: | +1.68% | |
| Price / MAexp20: | +5.27% | |
| Price / MAexp50: | +10.22% | |
| Price / MAexp100: | +13.13% |
News
The last news published on STEEL DYNAMICS INC. at the time of the generation of this analysis was as follows:
- Steel Dynamics Announces New Unsecured Revolving Credit Facility
- Steel Dynamics Announces Fourth Quarter 2019 Cash Dividend
- Reminder: Steel Dynamics Announces Third Quarter 2019 Earnings Conference Call and Webcast
- Steel Dynamics Reports Third Quarter 2019 Results
- Steel Dynamics Announces Third Quarter 2019 Earnings Conference Call and Webcast
This member declared not having a position on this financial instrument or a related financial instrument.
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