Saba Closed-End Funds ETF Forecast
Saba Closed-End Funds ETF downgraded to Hold/Accumulate
(Updated on May 08, 2024)
The Saba Closed-End Funds ETF price gained 0.344% on the last trading day (Wednesday, 8th May 2024), rising from $20.36 to $20.43. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.393% from a day low at $20.36 to a day high of $20.44. The price has risen in 7 of the last 10 days and is up by 3.6% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 15 thousand more shares were traded than the day before. In total, 55 thousand shares were bought and sold for approximately $1.12 million.
The ETF is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Saba Closed-End Funds ETF with a 90% probability to be traded between $19.86 and $21.16 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 ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CEFS Signals & Forecast
The Saba Closed-End Funds ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $20.08 and $20.09. 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 4.98%. 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). Saba Closed-End Funds has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Saba Closed-End Funds ETF
Saba Closed-End Funds finds support from accumulated volume at $20.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.0800 between high and low, or 0.393%. For the last week the ETF has had daily average volatility of 1.09%.
Our recommended stop-loss: $19.40 (-5.02%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (CEFS) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Saba Closed-End Funds ETF to open at $20.41, and during the day (based on 14 day Average True Range), to move between $20.17 and $20.69, which gives a possible trading interval of +/-$0.260 (+/-1.27%) up or down from last closing price. If Saba Closed-End Funds ETF takes out the full calculated possible swing range there will be an estimated 2.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $20.46 (0.15%) than the support at $20.05 (1.86%), 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 Saba Closed-End Funds ETF ETF A Buy?
Saba Closed-End Funds 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.664 Hold/Accumulate Downgraded
Predicted Opening Price for Saba Closed-End Funds ETF of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $20.41 ( 0.0979%) | $20.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CEFS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 20.49 | 0.294 % | |
| R2 | 20.46 | 0.144 % | ||
| R1 | 20.44 | 0.0517 % | ||
| Current price: | 20.43 | |||
| Support | S1 | 20.38 | -0.247 % | |
| S2 | 20.36 | -0.340 % | ||
| S3 | 20.33 | -0.489 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 20.67 | 1.17 % | |
| R2 | 20.50 | 0.343 % | ||
| R1 | 20.46 | 0.147 % | ||
| Current price | 20.43 | |||
| Support | S1 | 20.05 | -1.86% | |
| S2 | 19.94 | -2.40% | ||
| S3 | 19.65 | -3.82% |
CEFS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 24, 2024 | Apr 24, 2024 | Apr 26, 2024 | $0.140 | 0.706% |
| 2 | Mar 22, 2024 | Mar 25, 2024 | Mar 27, 2024 | $0.140 | 0.687% |
| 3 | Feb 23, 2024 | Feb 26, 2024 | Feb 28, 2024 | $0.140 | 0.714% |
| 4 | Jan 23, 2024 | Jan 24, 2024 | Jan 26, 2024 | $0.140 | 0.725% |
| 5 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.206 | 1.10% |
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