Ellington Financial Inc. Stock Forecast
Ellington Financial Inc. stock downgraded to Sell Candidate
(Updated on Jun 28, 2024)
The Ellington Financial Inc. stock price fell by -2.70% on the last day (Friday, 28th Jun 2024) from $21.83 to $21.24. During the last trading day the stock fluctuated 1.65% from a day low at $21.24 to a day high of $21.59. The price has risen in 6 of the last 10 days but is still down by -0.93% for this period. Volume has increased on the last day by 963 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 4 thousand shares were bought and sold for approximately $76.74 thousand.
Given the current horizontal trend, you can expect Ellington Financial Inc. stock with a 90% probability to be traded between $21.48 and $22.29 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 stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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EFC-PB 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 $21.67 and $21.52. 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 -3.45%. 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). Ellington Financial Inc. gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Ellington Financial Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.350 between high and low, or 1.65%. For the last week the stock has had daily average volatility of 1.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EFC-PB) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Ellington Financial Inc. to open at $21.36, and during the day (based on 14 day Average True Range), to move between $20.97 and $21.51, which gives a possible trading interval of +/-$0.270 (+/-1.27%) up or down from last closing price. If Ellington Financial Inc. takes out the full calculated possible swing range there will be an estimated 2.55% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $21.33, some $0.0900 (0.42%) from the current price of $21.24, our system finds the risk reward not very attractive.
Is Ellington Financial Inc. stock A Buy?
Ellington Financial Inc. holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -2.750 Sell Candidate Downgraded
Predicted Opening Price for Ellington Financial Inc. of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $21.36 ( 0.549%) | $21.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EFC-PB
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.71 | 2.20% |
| R2 | 21.57 | 1.57% |
| R1 | 21.49 | 1.18% |
| Price | 21.24 | |
| S1 | 21.22 | -0.0802% |
| S2 | 21.14 | -0.469% |
| S3 | 21.01 | -1.10% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.68 | 2.07% |
| R2 | 21.44 | 0.94% |
| R1 | 21.33 | 0.424% |
| Price | 21.24 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
EFC-PB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 28, 2024 | Jun 28, 2024 | Jul 30, 2024 | $0.391 | 1.84% |
| 2 | Mar 27, 2024 | Mar 27, 2024 | Apr 30, 2024 | $0.391 | 1.89% |
| 3 | Dec 28, 2023 | Dec 28, 2023 | Jan 30, 2024 | $0.391 | 1.86% |
| 4 | Sep 28, 2023 | Sep 28, 2023 | Oct 30, 2023 | $0.391 | 2.08% |
| 5 | Jun 29, 2023 | Jun 29, 2023 | Jul 31, 2023 | $0.391 | 2.00% |
FAQ
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