Aberdeen Income Credit Strategies Fund Stock Forecast

Green day on Tuesday for Aberdeen Income Credit Strategies Fund stock after gaining 1.18%
(Updated on May 14, 2024)

ACP Signals & Forecast

Mostly positive signals in the chart today. The Aberdeen Income Credit Strategies Fund 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 $6.76 and $6.67. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 6.04%. 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). Volume is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for Aberdeen Income Credit Strategies Fund stock

Aberdeen Income Credit Strategies Fund finds support from accumulated volume at $6.76 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 $0.0700 between high and low, or 1.03%. For the last week the stock has had daily average volatility of 0.86%.

The Aberdeen Income Credit Strategies Fund 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: $6.55 (-4.39%) (This stock has low daily movements and this gives low risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (ACP) For The Upcoming Trading Day Of Wednesday 15th

For the upcoming trading day on Wednesday, 15th we expect Aberdeen Income Credit Strategies Fund to open at $6.83, and during the day (based on 14 day Average True Range), to move between $6.77 and $6.93, which gives a possible trading interval of +/-$0.0819 (+/-1.20%) up or down from last closing price. If Aberdeen Income Credit Strategies Fund takes out the full calculated possible swing range there will be an estimated 2.39% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $6.87 (0.29%) than the support at $6.76 (1.31%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Aberdeen Income Credit Strategies Fund stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.

Current score: 2.571 Buy Candidate Unchanged

Predicted Opening Price for Aberdeen Income Credit Strategies Fund of Wednesday, May 15, 2024

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