Western Asset High Yield Defined Stock Forecast

Red day on Friday for Western Asset High Yield Defined stock after losing 0.172%
(Updated on May 17, 2024)

HYI Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 1.22%. 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. The Western Asset High Yield Defined stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $11.67. On a fall, the stock will find some support from the short-term average at $11.62. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Western Asset High Yield Defined gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Western Asset High Yield Defined stock

Western Asset High Yield Defined finds support from accumulated volume at $11.60 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0751 between high and low, or 0.647%. For the last week the stock has had daily average volatility of 0.518%.

Our recommended stop-loss: $11.08 (-4.69%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (HYI) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Western Asset High Yield Defined Opportunity Fund Inc to open at $11.64, and during the day (based on 14 day Average True Range), to move between $11.53 and $11.71, which gives a possible trading interval of +/-$0.0855 (+/-0.74%) up or down from last closing price. If Western Asset High Yield Defined Opportunity Fund Inc takes out the full calculated possible swing range there will be an estimated 1.47% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $11.60 (0.17%) than the resistance at $11.87 (2.15%), 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 High Yield Defined Opportunity Fund Inc stock A Buy?

Western Asset High Yield Defined holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.952 Hold/Accumulate Unchanged

Predicted Opening Price for Western Asset High Yield Defined Opportunity Fund Inc of Monday, May 20, 2024

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