Ellington Financial Inc. Stock Forecast

Red day on Friday for Ellington Financial Inc.
(Updated on Jun 28, 2024)

EFC-PA Signals & Forecast

There are few to no technical positive signals at the moment. The Ellington Financial Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $24.64 and $24.52. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, June 24, 2024, and so far it has fallen -2.06%. 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 Ellington Financial Inc. stock

Ellington Financial Inc. finds support from accumulated volume at $24.21 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 $0.225 between high and low, or 0.93%. For the last week the stock has had daily average volatility of 0.731%

Our recommended stop-loss: $22.76 (-6.13%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 63 days ago.)

Trading Expectations (EFC-PA) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Ellington Financial Inc. to open at $24.27, and during the day (based on 14 day Average True Range), to move between $24.07 and $24.43, which gives a possible trading interval of +/-$0.180 (+/-0.74%) up or down from last closing price. If Ellington Financial Inc. takes out the full calculated possible swing range there will be an estimated 1.48% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $24.26 (0.04%) than the support at $24.21 (0.16%), 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 Financial Inc. stock A Buy?

Ellington Financial Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.724 Hold/Accumulate Unchanged

Predicted Opening Price for Ellington Financial Inc. of Monday, July 1, 2024

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