Saba Capital Income & Opportunities Fund Stock Forecast
Saba Capital Income & Opportunities Fund stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on May 07, 2024)
The Saba Capital Income & Opportunities Fund stock price gained 0.137% on the last trading day (Tuesday, 7th May 2024), rising from $7.30 to $7.31. During the last trading day the stock fluctuated 0.274% from a day low at $7.31 to a day high of $7.33. The price has risen in 6 of the last 10 days and is up by 2.24% over the past 2 weeks. Volume fell on the last day by -13 thousand shares and in total, 124 thousand shares were bought and sold for approximately $905.94 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $7.37 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Saba Capital Income & Opportunities Fund stock with a 90% probability to be traded between $6.92 and $7.27 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
BRW Signals & Forecast
The Saba Capital Income & Opportunities 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 $7.25 and $7.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 3.69%. 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. The stock had a Golden Star Signal on Tuesday, March 26, 2024 in the short-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.
Golden Star
The stock had a Golden Star Signal on Tuesday, March 26, 2024 in the short-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.
A buy signal from a double bottom formation was found on Friday, March 22, 2024 and based on theory for this formation the price should go up by 4.15% to $7.61 within 24 trading days since signal was issued (Wednesday, May 08, 2024).
Support, Risk & Stop-loss for Saba Capital Income & Opportunities Fund stock
Saba Capital Income & Opportunities Fund finds support from accumulated volume at $7.30 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 $0.0200 between high and low, or 0.274%. For the last week the stock has had daily average volatility of 0.81%
The Saba Capital Income & Opportunities Fund stock is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the stock is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that 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: $6.97 (-4.66%) (This stock has low daily movements and this gives low risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (BRW) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Saba Capital Income & Opportunities Fund to open at $7.32, and during the day (based on 14 day Average True Range), to move between $7.24 and $7.38, which gives a possible trading interval of +/-$0.0705 (+/-0.96%) up or down from last closing price. If Saba Capital Income & Opportunities Fund takes out the full calculated possible swing range there will be an estimated 1.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.30 (0.14%) than the resistance at $7.33 (0.27%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Saba Capital Income & Opportunities Fund 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 Saba Capital Income & Opportunities Fund stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.662 Buy Candidate Upgraded
Predicted Opening Price for Saba Capital Income & Opportunities Fund of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $7.32 ( 0.0912%) | $7.31 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.34 | 0.365 % | |
| R2 | 7.33 | 0.260 % | ||
| R1 | 7.32 | 0.196 % | ||
| Current price: | 7.31 | |||
| Support | S1 | 7.31 | -0.0133 % | |
| S2 | 7.30 | -0.0779 % | ||
| S3 | 7.30 | -0.182 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.44 | 1.78 % | |
| R2 | 7.34 | 0.410 % | ||
| R1 | 7.33 | 0.274 % | ||
| Current price | 7.31 | |||
| Support | S1 | 7.30 | -0.137% | |
| S2 | 7.27 | -0.547% | ||
| S3 | 7.18 | -1.78% |
BRW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 08, 2024 | May 08, 2024 | May 08, 2024 | $0 | 0% |
| 2 | Mar 28, 2024 | Apr 08, 2024 | Apr 30, 2024 | $0.0850 | 1.19% |
| 3 | Feb 29, 2024 | Mar 08, 2024 | Mar 28, 2024 | $0.0850 | 1.17% |
| 4 | Feb 08, 2024 | Feb 08, 2024 | Feb 29, 2024 | $0.0850 | 1.16% |
| 5 | Dec 22, 2023 | Dec 28, 2023 | Jan 19, 2024 | $0.114 | 1.54% |
FAQ
Click here for our free guide on how to buy Saba Capital Income & Opportunities Fund Stock.
