Calamos Convertible Opportunities and Stock Forecast

Calamos Convertible Opportunities and stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Apr 24, 2024)

CHI Signals & Forecast

There are mixed signals in the stock today. The Calamos Convertible Opportunities and stock 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 stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $11.15. On a fall, the stock will find some support from the short-term average at $10.82. 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. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -0.631%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for Calamos Convertible Opportunities and stock

Calamos Convertible Opportunities and finds support from accumulated volume at $10.90 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 controlled movements and therefore the general risk is considered 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 $0.240 between high and low, or 2.19%. For the last week the stock has had daily average volatility of 1.53%.

Our recommended stop-loss: $10.56 (-4.26%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (CHI) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Calamos Convertible Opportunities and Income Fund to open at $11.06, and during the day (based on 14 day Average True Range), to move between $10.85 and $11.21, which gives a possible trading interval of +/-$0.179 (+/-1.62%) up or down from last closing price. If Calamos Convertible Opportunities and Income Fund takes out the full calculated possible swing range there will be an estimated 3.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $11.05 (0.18%) than the support at $10.90 (1.18%), 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 Calamos Convertible Opportunities and Income Fund stock A Buy?

Calamos Convertible Opportunities and 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 stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.217 Hold/Accumulate Downgraded

Predicted Opening Price for Calamos Convertible Opportunities and Income Fund of Thursday, April 25, 2024

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