Eaton Vance California Mun. Income Trust Stock Forecast
Eaton Vance California Mun. Income Trust stock downgraded to Buy Candidate
(Updated on May 17, 2024)
The Eaton Vance California Mun. Income Trust stock price gained 0.187% on the last trading day (Friday, 17th May 2024), rising from $10.68 to $10.70. It has now gained 3 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 stock fluctuated 1.59% from a day low at $10.68 to a day high of $10.85. The price has risen in 7 of the last 10 days and is up by 2.86% 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, 13 thousand more shares were traded than the day before. In total, 22 thousand shares were bought and sold for approximately $236.06 thousand.
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 $10.70 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Eaton Vance California Mun. Income Trust stock with a 90% probability to be traded between $10.32 and $10.75 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.
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CEV Signals & Forecast
Mostly positive signals in the chart today. The Eaton Vance California Mun. Income Trust 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 $10.62 and $10.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 4.19%. 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). Eaton Vance California Mun. Income Trust 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. The stock had a Golden Star Signal on Friday, May 03, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Friday, May 03, 2024.
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 Friday, May 03, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Friday, May 03, 2024.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 12 Months
The stock had a Golden Star Signal on Friday, May 03, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Friday, May 03, 2024.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.
Support, Risk & Stop-loss for Eaton Vance California Mun. Income Trust stock
Eaton Vance California Mun. Income Trust finds support from accumulated volume at $10.56 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 $0.170 between high and low, or 1.59%. For the last week the stock has had daily average volatility of 0.98%.
Our recommended stop-loss: $10.17 (-4.93%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (CEV) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Eaton Vance California Mun. Income Trust to open at $10.74, and during the day (based on 14 day Average True Range), to move between $10.60 and $10.80, which gives a possible trading interval of +/-$0.104 (+/-0.97%) up or down from last closing price. If Eaton Vance California Mun. Income Trust takes out the full calculated possible swing range there will be an estimated 1.94% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $10.56, some $0.140 (1.31%) from the current price of $10.70, our system finds the risk reward attractive.
Is Eaton Vance California Mun. Income Trust 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 Eaton Vance California Mun. Income Trust stock to perform well in the short-term period. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 4.505 Buy Candidate Downgraded
Predicted Opening Price for Eaton Vance California Mun. Income Trust of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
$10.74 ( 0.405%) | $10.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CEV
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 10.91 | 1.99 % | |
R2 | 10.85 | 1.39 % | ||
R1 | 10.81 | 1.01 % | ||
Current price: | 10.70 | |||
Support | S1 | 10.68 | -0.202 % | |
S2 | 10.64 | -0.577 % | ||
S3 | 10.57 | -1.18 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 10.70 | |||
Support | S1 | 10.56 | -1.31% | |
S2 | 10.42 | -2.62% | ||
S3 | 10.38 | -2.99% |
CEV Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 10, 2024 | May 10, 2024 | May 20, 2024 | $0.0434 | 0.406% |
2 | Apr 10, 2024 | Apr 10, 2024 | Apr 18, 2024 | $0.0434 | 0.415% |
3 | Mar 08, 2024 | Mar 08, 2024 | Mar 18, 2024 | $0.0434 | 0.416% |
4 | Feb 01, 2024 | Feb 12, 2024 | Feb 20, 2024 | $0.0434 | 0.411% |
5 | Jan 02, 2024 | Jan 11, 2024 | Jan 19, 2024 | $0.0434 | 0.420% |
FAQ
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