Stronger technical forecast for Calamos Convertible Opportunities and fund price after Wednesday trading.
(Updated on Dec 08, 2021)
Buy candidate since 2021-12-08 PDF
The Calamos Convertible Opportunities and fund price fell by -0.0660% on the last day (Wednesday, 8th Dec 2021) from $15.15 to $15.14. During the day the fund fluctuated 1.86% from a day low at $15.08 to a day high of $15.36. The price has fallen in 7 of the last 10 days and is down by -3.87% for this period. Volume fell on the last day along with the fund, which is actually a good sign as volume should follow the fund. On the last day, the trading volume fell by -8 thousand shares and in total, 120 thousand shares were bought and sold for approximately $1.82 million.
The fund is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $14.85 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Calamos Convertible Opportunities and fund with a 90% probability to be traded between $14.96 and $16.44 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 funds seldom manage to go directly from the bottom of a trend up to the top. Funds turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, December 03, 2021, and so far it has risen 2.02%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Calamos Convertible Opportunities and fund 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 fund giving a more negative forecast for the stock. On further gains, the fund will meet resistance from the long-term moving average at $15.74. On a fall, the fund will find some support from the short-term average at $14.99. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss
Calamos Convertible Opportunities and finds support from accumulated volume at $15.03 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This fund has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the fund moved $0.28 between high and low, or 1.86%. For the last week, the fund has had a daily average volatility of 2.28%.
Calamos Convertible Opportunities and is oversold on RSI14 (24). Some funds may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $14.26 (-5.83%) (This fund has medium daily movements and this gives medium risk. Low RSI14 is 24 which reduces the risk some. There is a buy signal from a pivot bottom found 3 days ago.)
Is Calamos Convertible Opportunities and Income Fund fund 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 Calamos Convertible Opportunities and fund to perform well in the short-term period. We have upgraded our analysis conclusion for this fund since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.146
Predicted Opening Price for Calamos Convertible Opportunities and Income Fund of Thursday, December 9, 2021
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price December 9, 2021||Current price|
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