Ellington Residential Mortgage REIT Stock Forecast
Ellington Residential Mortgage REIT stock price up 0.582% on Thursday
(Updated on Mar 28, 2024)
The Ellington Residential Mortgage REIT stock price gained 0.582% on the last trading day (Thursday, 28th Mar 2024), rising from $6.87 to $6.91. During the last trading day the stock fluctuated 1.90% from a day low at $6.86 to a day high of $6.99. The price has risen in 8 of the last 10 days and is up by 9.51% over the past 2 weeks. Volume fell on the last day by -70 thousand shares and in total, 221 thousand shares were bought and sold for approximately $1.52 million. 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 stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $7.02 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 8.81% during the next 3 months and, with a 90% probability hold a price between $6.39 and $7.64 at the end of this 3-month period.
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EARN Signals & Forecast
The Ellington Residential Mortgage REIT 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 $6.84 and $6.21. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, March 25, 2024, and so far it has fallen -1.14%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Wednesday, January 24, 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 Wednesday, January 24, 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.
Support, Risk & Stop-loss for Ellington Residential Mortgage REIT stock
On the downside, the stock finds support just below today's level from accumulated volume at $6.19 and $6.13. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Ellington Residential Mortgage REIT finds support just below today's level at $6.19. If this is broken, then the next support from accumulated volume will be at $6.13 and $6.12.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.130 between high and low, or 1.90%. For the last week, the stock has had daily average volatility of 2.53%.
The Ellington Residential Mortgage REIT stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but 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: $6.68 (-3.37%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (EARN) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Ellington Residential Mortgage REIT to open at $6.92, and during the day (based on 14 day Average True Range), to move between $6.76 and $7.06, which gives a possible trading interval of +/-$0.151 (+/-2.18%) up or down from last closing price. If Ellington Residential Mortgage REIT takes out the full calculated possible swing range there will be an estimated 4.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.99 (1.16%) than the support at $6.19 (10.42%), 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 Ellington Residential Mortgage REIT stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Ellington Residential Mortgage REIT stock to perform well in the short-term.
Current score: 1.983 Buy Candidate Unchanged
Predicted Opening Price for Ellington Residential Mortgage REIT of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$6.92 ( 0.146%) | $6.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EARN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 7.05 | 2.03 % | |
R2 | 7.00 | 1.31 % | ||
R1 | 6.97 | 0.87 % | ||
Current price: | 6.91 | |||
Support | S1 | 6.87 | -0.574 % | |
S2 | 6.84 | -1.02 % | ||
S3 | 6.79 | -1.74 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 6.99 | 1.16 % | ||
Current price | 6.91 | |||
Support | S1 | 6.19 | -10.42% | |
S2 | 6.13 | -11.29% | ||
S3 | 6.12 | -11.43% |
EARN Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 07, 2024 | Mar 27, 2024 | Apr 25, 2024 | $0.0800 | 1.16% |
2 | Feb 07, 2024 | Feb 28, 2024 | Mar 25, 2024 | $0.0800 | 1.14% |
3 | Jan 08, 2024 | Jan 30, 2024 | Feb 26, 2024 | $0.0800 | 1.32% |
4 | Dec 28, 2023 | Dec 28, 2023 | Jan 25, 2024 | $0.0800 | 1.30% |
5 | Nov 07, 2023 | Nov 29, 2023 | Dec 26, 2023 | $0.0800 | 1.26% |
FAQ
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