Tri Continental Corporation Stock Forecast

Tri Continental Corporation stock price up 0.260% on Monday
(Updated on May 20, 2024)

TY Signals & Forecast

The Tri Continental Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $30.60 and $30.03. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 5.47%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.

Support, Risk & Stop-loss for Tri Continental Corporation stock

Tri Continental Corporation finds support from accumulated volume at $30.13 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.150 between high and low, or 0.487%. For the last week the stock has had daily average volatility of 0.733%

The Tri Continental Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $29.91 (-3.01%) (This stock has low daily movements and this gives low risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 36 days ago.)

Trading Expectations (TY) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Tri Continental Corporation to open at $30.84, and during the day (based on 14 day Average True Range), to move between $30.55 and $31.13, which gives a possible trading interval of +/-$0.287 (+/-0.93%) up or down from last closing price. If Tri Continental Corporation takes out the full calculated possible swing range there will be an estimated 1.86% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $30.13, some $0.710 (2.30%) from the current price of $30.84, our system finds the risk reward attractive.

Is Tri Continental Corporation stock A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Tri Continental Corporation stock to perform well in the short-term period.

Current score: 3.630 Buy Candidate Unchanged

Predicted Opening Price for Tri Continental Corporation of Tuesday, May 21, 2024

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