The Gabelli Equity Trust Inc. Pfd-g Trust Forecast
Red day on Thursday for The Gabelli Equity Trust Inc. Pfd-g trust after losing 0.374%
(Updated on Jun 27, 2024)
The The Gabelli Equity Trust Inc. Pfd-g trust price fell by -0.374% on the last day (Thursday, 27th Jun 2024) from $21.14 to $21.06. During the last trading day the trust fluctuated 0.618% from a day low at $21.03 to a day high of $21.16. The price has fallen in 7 of the last 10 days and is down by -1.72% for this period. Volume has increased on the last day by 655 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, 2 thousand shares were bought and sold for approximately $35.95 thousand.
The trust is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect The Gabelli Equity Trust Inc. Pfd-g trust with a 90% probability to be traded between $20.33 and $21.07 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 trusts seldom manage to go directly from the bottom of a trend up to the top. Trusts turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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GAB-PG Signals & Forecast
There are few to no technical positive signals at the moment. The The Gabelli Equity Trust Inc. Pfd-g trust holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $21.12 and $21.29. 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 17, 2024, and so far it has fallen -2.09%. 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). The Gabelli Equity Trust Inc. Pfd-g 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.
A sell signal from a double top formation was found on Monday, June 17, 2024 and based on theory for this formation the price should fall by -1.46% to $20.75 within 26 trading days since signal was issued (Thursday, July 25, 2024).
Support, Risk & Stop-loss for The Gabelli Equity Trust Inc. Pfd-g trust
The Gabelli Equity Trust Inc. Pfd-g finds support from accumulated volume at $21.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the trust tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the trust moved $0.130 between high and low, or 0.618%. For the last week the trust has had daily average volatility of 0.701%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GAB-PG) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect The Gabelli Equity Trust Inc. Pfd-g to open at $21.08, and during the day (based on 14 day Average True Range), to move between $20.88 and $21.24, which gives a possible trading interval of +/-$0.182 (+/-0.87%) up or down from last closing price. If The Gabelli Equity Trust Inc. Pfd-g takes out the full calculated possible swing range there will be an estimated 1.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $21.05 (0.05%) than the resistance at $21.25 (0.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is The Gabelli Equity Trust Inc. Pfd-g trust A Buy?
The Gabelli Equity Trust Inc. Pfd-g 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 trust.
Current score: -1.991 Sell Candidate Unchanged
Predicted Opening Price for The Gabelli Equity Trust Inc. Pfd-g of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $21.08 ( 0.108%) | $21.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GAB-PG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.21 | 0.725% |
| R2 | 21.16 | 0.489% |
| R1 | 21.13 | 0.344% |
| Price | 21.06 | |
| S1 | 21.03 | -0.128% |
| S2 | 21.00 | -0.274% |
| S3 | 20.95 | -0.509% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.67 | 2.89% |
| R2 | 21.42 | 1.71% |
| R1 | 21.25 | 0.90% |
| Price | 21.06 | |
| S1 | 21.05 | -0.0518% |
| S2 | 21.04 | -0.0992% |
| S3 | 21.01 | -0.242% |
FAQ
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