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US Technical Analysis Report

One NYSE– Listed Iron & Steel Stock Poised for Upside as Russell 3000 Edged Higher– CRS

Sep 20, 2024

CRS:NYSE
Investment Type
Mid - Cap
Risk Level
Action
Rec. Price (US$)

Company Overview:  Carpenter Technology Corporation (NYSE: CRS) is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company operates in two segments: Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). The SAO segment comprises its premium alloy and stainless-steel manufacturing operations. This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendation on stock.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, started the week on a positive note and continued the momentum. The index made high of 3269.12 during the week and settled at 3258.79 with a week-to-date (WTD) gain of ~1.76 percent on Sep 19, 2024. Other major indices, such as S&P 500 and NASDAQ Composite displayed upside move for the week. On Sep 19, 2024, the S&P 500 index settled at 5713.65 with a WTD gain of ~1.56 percent, while the NASDAQ Composite Index settled at 18013.98 with a WTD gain of ~1.87 percent.  

Having understood the US market performance over the week, taking cues from major global news, and based on technical analysis of the Russell 3000 index for the upcoming week, now let’s have a look at the one US-listed stock to pick from the technical standpoint. Noted below recommendation is based on the entry price, target prices, and stop-loss for Carpenter Technology Corporation (NYSE: CRS) for the next 2-4 weeks duration: 

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Disclaimer-

Kalkine Equities LLC, with Delaware File Number 4697384, Foreign Qualification Registration in California File Number 202109211078, and Texas File Number 805521396, is authorized to provide general advice only. The information on https://kalkine.com/ does not take into account any of your investment objectives, financial situation or needs. You should consider the appropriateness of advice taking into account your own objectives, financial situation and needs and seek independent financial advice before making any financial decisions. The link to our Terms and Conditions  and Privacy Policy has been provided for your reference. On the date of publishing the reports (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.

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