Quick Win by the Algorithm:

On August 30th, 2017, the I Know First algorithm issued a bullish 7 days forecast for Companhia Siderúrgica Nacional (NYSE: SID). The forecast showed a signal of 28.45 and a predictability of 0.28. As a result, in accordance with the forecast, the company’s stock produced a return of 16.48% over this period, solidifying another quick win by the I Know First algorithm.

Companhia Siderurgica Nacional is a Brazil-based company engaged in the steel industry and controlled by Vicunha Acos SA. The Company operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a range of steel products, including coated galvanized flat steel and tinplate. The Company operates in five segments: Steel, Mining, Cement, Logistics and Energy. The Steel segment focuses on the production, distribution and sale of flat steel, long steel, metallic containers and galvanized steel, with operations in Brazil, the United States, Portugal and Germany. The Mining segment encompasses the activities of iron ore and tin mining. The Cement segment is responsible for the cement production, distribution and sale operations. The Logistics segment manages port terminal for containers, as well as railway networks. The Energy segment includes generation of electric power.

The bullish forecast of SID stock price is due to a better scenario of steel sector in Brazil. This sector is facing a highly optimistic perspective of demand that has not been seen there since 2013. Whilst higher demand leads to higher prices, the steel stocks are showing a strong movement to the upside. Moreover, the periodical readjustment to meet international prices also contributes to the company’s results, and thus in the increase in the stock price.

Current I Know First subscribers received this bullish SID forecast on August 30th, 2017. 

Before making any trading decisions, consult the latest forecast as the algorithm updates predictions daily. You can use the algorithm for intra-day trading. The predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.