Western Asset Emerging Markets Income Stock Forecast

Green day on Friday for Western Asset Emerging Markets Income
(Updated on Apr 19, 2024)

EMD Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.448%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Western Asset Emerging Markets Income stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $9.02 and $9.28. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Tuesday, July 11, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Western Asset Emerging Markets Income stock

Western Asset Emerging Markets Income finds support from accumulated volume at $8.94 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.0850 (0.95%) between high and low. For the last week, the stock has had daily average volatility of 1.37%.

Western Asset Emerging Markets Income is oversold on RSI14 (17). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: $8.42 (-6.01%) (This stock has low daily movements and this gives low risk. Low RSI14 is 17 which reduces the risk some. There is a buy signal from a pivot bottom found 3 days ago.)

Trading Expectations (EMD) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Western Asset Emerging Markets Income Fund Inc to open at $8.98, and during the day (based on 14 day Average True Range), to move between $8.85 and $9.07, which gives a possible trading interval of +/-$0.111 (+/-1.23%) up or down from last closing price. If Western Asset Emerging Markets Income Fund Inc takes out the full calculated possible swing range there will be an estimated 2.47% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $8.94 (0.22%) than the resistance at $9.04 (0.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Western Asset Emerging Markets Income Fund Inc stock A Buy?

Western Asset Emerging Markets Income holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.936 Hold/Accumulate Unchanged

Predicted Opening Price for Western Asset Emerging Markets Income Fund Inc of Monday, April 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.