Eaton Vance Tax-Managed Buy-Write Income Stock Forecast

Evaluation of Eaton Vance Tax-Managed Buy-Write Income stock downgraded after the last trading session.
(Updated on Jun 18, 2024)

ETB Signals & Forecast

The Eaton Vance Tax-Managed Buy-Write Income 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 $14.03 and $13.72. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, June 17, 2024, and so far it has fallen -0.283%. Further fall is indicated until a new bottom pivot has been found. 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 Eaton Vance Tax-Managed Buy-Write Income stock

Eaton Vance Tax-Managed Buy-Write Income finds support from accumulated volume at $13.60 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 $0.101 between high and low, or 0.720%. For the last week the stock has had daily average volatility of 0.91%

The Eaton Vance Tax-Managed Buy-Write Income stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but 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: $13.62 (-3.38%) (This stock has low daily movements and this gives low risk. The RSI14 is 86 and this increases the risk substantially. There is a sell signal from a pivot top found 37 days ago.)

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

For the upcoming trading day on Thursday, 20th we expect Eaton Vance Tax-Managed Buy-Write Income Fund to open at $14.11, and during the day (based on 14 day Average True Range), to move between $13.99 and $14.21, which gives a possible trading interval of +/-$0.111 (+/-0.79%) up or down from last closing price. If Eaton Vance Tax-Managed Buy-Write Income Fund takes out the full calculated possible swing range there will be an estimated 1.57% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $14.14 (0.28%) than the support at $13.60 (3.55%), 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 Eaton Vance Tax-Managed Buy-Write Income Fund stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Eaton Vance Tax-Managed Buy-Write Income stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Current score: 2.351 Buy Candidate Downgraded

Predicted Opening Price for Eaton Vance Tax-Managed Buy-Write Income Fund of Thursday, June 20, 2024

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