Western Asset High Income Opportunity Stock Forecast

Green day on Wednesday for Western Asset High Income Opportunity
(Updated on May 08, 2024)

HIO Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 2.16%. 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. The Western Asset High Income Opportunity stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $3.82. On a fall, the stock will find some support from the short-term average at $3.75. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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. The stock had a Golden Star Signal on Thursday, September 14, 2023 in the long-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 Western Asset High Income Opportunity stock

Western Asset High Income Opportunity finds support from accumulated volume at $3.75 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 $0.0200 between high and low, or 0.531%. For the last week the stock has had daily average volatility of 0.747%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (HIO) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Western Asset High Income Opportunity Fund Inc to open at $3.78, and during the day (based on 14 day Average True Range), to move between $3.75 and $3.83, which gives a possible trading interval of +/-$0.0352 (+/-0.93%) up or down from last closing price. If Western Asset High Income Opportunity Fund Inc takes out the full calculated possible swing range there will be an estimated 1.86% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $3.75 (1.06%) than the resistance at $3.90 (2.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

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

Western Asset High Income Opportunity holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -1.908 Sell Candidate Unchanged

Predicted Opening Price for Western Asset High Income Opportunity Fund Inc of Thursday, May 9, 2024

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