Western Asset Global High Income Fund Stock Forecast

Western Asset Global High Income Fund stock price up 0.244% on Tuesday
(Updated on Jun 18, 2024)

EHI Signals & Forecast

The Western Asset Global High Income Fund 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 $7.12 and $7.02. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 4.15%. 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 Western Asset Global High Income Fund stock

Western Asset Global High Income Fund finds support from accumulated volume at $7.08 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 $0.0300 between high and low, or 0.421%. For the last week the stock has had daily average volatility of 0.655%

The Western Asset Global High Income Fund stock is extremely overbought on RSI14 (88). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $6.82 (-4.66%) (This stock has low daily movements and this gives low risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 19 days ago.)

Trading Expectations (EHI) For The Upcoming Trading Day Of Thursday 20th

For the upcoming trading day on Thursday, 20th we expect Western Asset Global High Income Fund Inc to open at $7.15, and during the day (based on 14 day Average True Range), to move between $7.09 and $7.21, which gives a possible trading interval of +/-$0.0623 (+/-0.87%) up or down from last closing price. If Western Asset Global High Income Fund Inc takes out the full calculated possible swing range there will be an estimated 1.74% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $7.08, some $0.0700 (0.98%) from the current price of $7.15, our system finds the risk reward attractive.

Is Western Asset Global High Income Fund Inc stock A Buy?

Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Western Asset Global High Income Fund stock to perform well in the short-term period.

Current score: 2.215 Buy Candidate Unchanged

Predicted Opening Price for Western Asset Global High Income Fund Inc of Thursday, June 20, 2024

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