Eaton Vance Enhanced Equity Income Fund Stock Forecast

Eaton Vance Enhanced Equity Income Fund stock upgraded from Buy Candidate to Strong Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)

EOS Signals & Forecast

Mostly positive signals in the chart today. The Eaton Vance Enhanced Equity 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 $21.71 and $21.17. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 7.04%. 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). 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. The stock had a Golden Star Signal on Friday, April 05, 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 Eaton Vance Enhanced Equity Income Fund stock

Eaton Vance Enhanced Equity Income Fund finds support from accumulated volume at $21.15 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.206 between high and low, or 0.94%. For the last week the stock has had daily average volatility of 1.20%.

Our recommended stop-loss: $21.18 (-3.91%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 28 days ago.)

Trading Expectations (EOS) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Eaton Vance Enhanced Equity Income Fund II to open at $21.98, and during the day (based on 14 day Average True Range), to move between $21.77 and $22.31, which gives a possible trading interval of +/-$0.270 (+/-1.22%) up or down from last closing price. If Eaton Vance Enhanced Equity Income Fund II takes out the full calculated possible swing range there will be an estimated 2.45% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $21.15, some $0.89 (4.04%) from the current price of $22.04, our system finds the risk reward attractive.

Is Eaton Vance Enhanced Equity Income Fund II stock A Buy?

Eaton Vance Enhanced Equity Income Fund holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.678 Strong Buy Candidate Upgraded

Predicted Opening Price for Eaton Vance Enhanced Equity Income Fund II of Wednesday, July 3, 2024

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