RS Price Prediction Next Week
Technical Analysis: RS shows a strong bullish momentum with RSI at 61.01, indicating moderate buying pressure. The stock is trading above all major moving averages (5,10,20,60,200-day SMAs), suggesting a robust uptrend.
Price Levels and Indicators:
- Current price: $297.69
- Fibonacci levels indicate:
- Resistance 1: $296.27
- Resistance 2: $300.87
- Resistance 3: $308.30
- Support 1: $281.40
- Support 2: $276.81
News Impact: Recent news about China's metal export restrictions could positively impact RS as manufacturers seek alternative sources for metals, potentially boosting revenue and profits for U.S. metal companies.
Price Prediction for Next Week: Based on technical indicators and recent momentum:
- Target Price: $304-308 range
- The stock is trading in the upper Bollinger Band (BBP: 0.86), suggesting strong momentum
- MACD is positive (2.08) with positive histogram (0.75), indicating continued upward movement
Recommendation: BUY
- Entry point: Current levels around $297-298
- Stop loss: $290 (below 5-day SMA)
- The combination of positive technical indicators and favorable industry news suggests further upside potential in the coming week.
RS Similar Chart Price Prediction
The price of RS is predicted to go up -0.68%, based on the high correlation periods with WLKP. The similarity of these two price pattern on the periods is 96.48%.
RS
WLKP
Down: -0.68%Similarity: 96.48%
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RS Analyst's Forecast
Mike Harris
Goldman Sachs
Hold
2024-12-02
Price Target
$341
Upside
+6.58%
Goldman Sachs analyst Mike Harris initiated coverage of Reliance with a Neutral rating and $341 price target. The prevailing sentiment towards the U.S. steel industry seems pessimistic given concerns on global over supply and weak but improving pricing, the analyst tells investors in a research note. The firm is more positive given its belief that both cyclical and structural factors could drive earnings growth for the domestic steel industry despite a weaker global backdrop. Goldman believes the U.S. steel industry and the stocks are near or at the trough of the current cycle.
Katja Jancic
BMO Capital
Buy
2024-10-25
Price Target
$340 → $330
Upside
+16.39%
Philip Gibbs
Keybanc
Buy
2024-10-14
Price Target
$335 → $325
Upside
+10.67%
