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ASTL Stock Tickeron detected bearish Stock Pattern: Head-and-Shoulders Top ASTL on July 28, 2023, netting in a 5.35% gain over 1 week

A.I.dvisor
at Tickeron.com
08/09/23
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+5.35% Gain from a Successful pattern Head-and-Shoulders Top
ASTL - Algoma Steel Group
Ticker: ASTL
Company: Algoma Steel Group
Gain from shortening: +5.35%
Confirmed: 07/28/23
Succeeded: 08/08/23
Total length: 13 days
On July 26, 2023, A.I.dvisor detected a Head-and-Shoulders Top Pattern (Bearish) for Algoma Steel Group (ASTL, $7.29). 2 days later, on July 28, 2023, A.I.dvisor confirmed the Bearish pattern, setting a target price of the stock. On August 08, 2023, the stock hit the target price of $6.89 – resulting in a gain for traders who shorted the stock on the pattern detection date.

Momentum Indicator for ASTL turns negative, indicating new downward trend

ASTL saw its Momentum Indicator move below the 0 level on September 13, 2024. This is an indication that the stock could be shifting in to a new downward move. Traders may want to consider selling the stock or exploring put options. Tickeron's A.I.dvisor looked at 68 similar instances where the indicator turned negative. In of the 68 cases, the stock moved further down in the following days. The odds of a decline are at .

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General Information

Industry Steel

Profile
Fundamentals
Details
Industry
N/A
Address
105 West Street
Phone
+1 705 945-2351
Employees
2696
Web
https://www.algoma.com