Ellsworth Fund Ltd Stock Forecast
Weaker technical forecast for Ellsworth Fund Ltd as stock downgraded to Hold/Accumulate.
(Updated on May 17, 2024)
The Ellsworth Fund Ltd stock price gained 0.0618% on the last trading day (Friday, 17th May 2024), rising from $8.09 to $8.10. It has now gained 4 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 0.743% from a day low at $8.07 to a day high of $8.13. The price has risen in 7 of the last 10 days and is up by 3.52% over the past 2 weeks. Volume fell on the last day by -15 thousand shares and in total, 32 thousand shares were bought and sold for approximately $258.90 thousand. 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.
Given the current short-term trend, the stock is expected to fall -3.35% during the next 3 months and, with a 90% probability hold a price between $7.23 and $7.82 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ECF Signals & Forecast
The Ellsworth Fund Ltd 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 $8.01 and $7.86. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 6.94%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Ellsworth Fund Ltd stock
Ellsworth Fund Ltd finds support from accumulated volume at $8.08 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 therefore the general risk is considered very 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 $0.0600 between high and low, or 0.743%. For the last week the stock has had daily average volatility of 0.671%
The Ellsworth Fund Ltd stock is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the stock is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that 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: $7.69 (-4.98%) (This stock has low daily movements and this gives low risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (ECF) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Ellsworth Fund Ltd to open at $8.10, and during the day (based on 14 day Average True Range), to move between $8.01 and $8.18, which gives a possible trading interval of +/-$0.0810 (+/-1.00%) up or down from last closing price. If Ellsworth Fund Ltd takes out the full calculated possible swing range there will be an estimated 2.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.10 (0.06%) than the support at $8.08 (0.19%), 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 Ellsworth Fund Ltd stock A Buy?
Ellsworth Fund Ltd 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: 0.753 Hold/Accumulate Downgraded
Predicted Opening Price for Ellsworth Fund Ltd of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
$8.10 ( 0.0412%) | $8.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ECF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.16 | 0.782 % | |
R2 | 8.14 | 0.499 % | ||
R1 | 8.12 | 0.324 % | ||
Current price: | 8.10 | |||
Support | S1 | 8.08 | -0.242 % | |
S2 | 8.06 | -0.417 % | ||
S3 | 8.04 | -0.700 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.19 | 1.17 % | |
R2 | 8.12 | 0.309 % | ||
R1 | 8.10 | 0.0618 % | ||
Current price | 8.10 | |||
Support | S1 | 8.08 | -0.185% | |
S2 | 8.05 | -0.556% | ||
S3 | 7.94 | -1.91% |
ECF Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 13, 2024 | Jun 13, 2024 | Jun 21, 2024 | $0.130 | 1.60% |
2 | Mar 13, 2024 | Mar 13, 2024 | Mar 21, 2024 | $0.130 | 1.60% |
3 | Nov 16, 2023 | Nov 21, 2023 | Dec 28, 2023 | $0.130 | 1.59% |
4 | Aug 25, 2023 | Sep 14, 2023 | Sep 22, 2023 | $0.130 | 1.60% |
5 | May 18, 2023 | Jun 14, 2023 | Jun 23, 2023 | $0.130 | 1.56% |
FAQ
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