STEEL DYNAMICS INC. - 1H - Technical analysis published on 09/27/2023 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
67%
6%
28%
My opinion
Bullish above 102.76 USD
My targets
108.26 USD (+2.59%)
109.34 USD (+3.61%)
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 102.76 USD. The next resistance located at 108.26 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 109.34 USD. After this resistance, buyers could then target 110.60 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.
Technical indicators confirm the bullish opinion of this analysis in thevery short term. However, be careful of excessive bullish movements. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
7.7
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Additional analysis
Quotes
The STEEL DYNAMICS INC. rating is 105.53 USD. The price has increased by +2.64% since the last closing and was traded between 103.74 USD and 105.75 USD over the period. The price is currently at +1.73% from its lowest and -0.21% from its highest.103.74
105.75
105.53
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bullish opening
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of STEEL DYNAMICS INC. in 1H shows a strongly overall bullish trend. The signals given by the moving averages are 89.29% bullish. This strong bullish trend is confirmed by the strong signals currently being given by short-term moving averages. The Central Indicators scanner detects a bullish signal on moving averages that could impact this trend:
Bullish price crossover with Moving Average 20
Type : Bullish
Timeframe : 1 hour
In fact, 12 technical indicators on 18 studied are currently bullish. Central Indicators, the detector scanner for these technical indicators has recently detected several signals:
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : 1 hour
RSI indicator is back over 50
Type : Bullish
Timeframe : 1 hour
Momentum indicator is back over 0
Type : Bullish
Timeframe : 1 hour
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified these signals:
Near horizontal support
Type : Bullish
Timeframe : 1 hour
Near support of channel
Type : Bullish
Timeframe : 1 hour
The presence of a bullish Japanese candlestick pattern detected by Central Candlesticks that could cause a very short term rebound was also detected:
Upside gap
Type : Bullish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 101.00 | 102.76 | 105.31 | 105.53 | 108.26 | 109.34 | 110.60 |
| Change (%) | -4.29% | -2.62% | -0.21% | - | +2.59% | +3.61% | +4.80% |
| Change | -4.53 | -2.77 | -0.22 | - | +2.73 | +3.81 | +5.07 |
| Level | Intermediate | Intermediate | Major | - | Intermediate | Minor | Intermediate |
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 | 98.67 | 100.50 | 101.66 | 103.49 | 104.65 | 106.48 | 107.64 |
| Camarilla | 102.00 | 102.27 | 102.55 | 102.82 | 103.09 | 103.37 | 103.64 |
| Woodie | 98.34 | 100.33 | 101.33 | 103.32 | 104.32 | 106.31 | 107.31 |
| Fibonacci | 100.50 | 101.64 | 102.35 | 103.49 | 104.63 | 105.34 | 106.48 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 89.47 | 92.50 | 96.80 | 99.83 | 104.13 | 107.16 | 111.46 |
| Camarilla | 99.08 | 99.76 | 100.43 | 101.10 | 101.77 | 102.44 | 103.12 |
| Woodie | 90.11 | 92.82 | 97.44 | 100.15 | 104.77 | 107.48 | 112.10 |
| Fibonacci | 92.50 | 95.30 | 97.03 | 99.83 | 102.63 | 104.36 | 107.16 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 91.81 | 95.86 | 101.23 | 105.28 | 110.65 | 114.70 | 120.07 |
| Camarilla | 104.00 | 104.86 | 105.73 | 106.59 | 107.45 | 108.32 | 109.18 |
| Woodie | 92.46 | 96.19 | 101.88 | 105.61 | 111.30 | 115.03 | 120.72 |
| Fibonacci | 95.86 | 99.46 | 101.69 | 105.28 | 108.88 | 111.11 | 114.70 |
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): | 64.19 | |
| MACD (12,26,9): | 0.7700 | |
| Directional Movement: | 17.43 | |
| AROON (14): | 100.00 | |
| DEMA (21): | 104.20 | |
| Parabolic SAR (0,02-0,02-0,2): | 102.33 | |
| Elder Ray (13): | 1.05 | |
| Super Trend (3,10): | 101.56 | |
| Zig ZAG (10): | 105.54 | |
| VORTEX (21): | 1.1200 | |
| Stochastique (14,3,5): | 52.02 | |
| TEMA (21): | 104.32 | |
| Williams %R (14): | -15.03 | |
| Chande Momentum Oscillator (20): | 1.09 | |
| Repulse (5,40,3): | 1.0700 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.1300 | |
| Courbe Coppock: | 3.15 |
| MA7: | 101.87 | |
| MA20: | 102.45 | |
| MA50: | 103.42 | |
| MA100: | 102.14 | |
| MAexp7: | 103.87 | |
| MAexp20: | 103.14 | |
| MAexp50: | 102.05 | |
| MAexp100: | 101.94 | |
| Price / MA7: | +3.59% | |
| Price / MA20: | +3.01% | |
| Price / MA50: | +2.04% | |
| Price / MA100: | +3.32% | |
| Price / MAexp7: | +1.60% | |
| Price / MAexp20: | +2.32% | |
| Price / MAexp50: | +3.41% | |
| Price / MAexp100: | +3.52% |
Quotes :
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15 min delayed data
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NASDAQ Stocks
News
The last news published on STEEL DYNAMICS INC. at the time of the generation of this analysis was as follows:
- Steel Dynamics Provides Third Quarter 2023 Earnings Guidance
- Steel Dynamics Appoints Jennifer Hamann to the Company's Board of Directors
- Steel Dynamics Announces Third Quarter 2023 Cash Dividend
- Steel Dynamics is a Proud Supporter of The Steel Climate Standard to Reduce Greenhouse Gas Emissions
- Sinton Texas Flat Roll Steel Mill Hot Mill Restart
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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