Western Asset High Income Opportunity Stock Forecast
Western Asset High Income Opportunity stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 01, 2024)
The Western Asset High Income Opportunity stock price gained 0.539% on the last trading day (Wednesday, 1st May 2024), rising from $3.71 to $3.73. During the last trading day the stock fluctuated 0.81% from a day low at $3.72 to a day high of $3.75. The price has fallen in 5 of the last 10 days and is down by -0.13% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 219 thousand more shares were traded than the day before. In total, 631 thousand shares were bought and sold for approximately $2.35 million.
The stock lies in the lower of a narrow and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3.71 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -5.75% during the next 3 months and, with a 90% probability hold a price between $3.49 and $3.66 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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HIO Signals & Forecast
There are mixed signals in the stock today. The Western Asset High Income Opportunity stock 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 $3.73 and $3.86. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 0.539%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Western Asset High Income Opportunity stock
Western Asset High Income Opportunity finds support from accumulated volume at $3.72 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 $0.0300 between high and low, or 0.81%. For the last week the stock has had daily average volatility of 0.94%.
Our recommended stop-loss: $3.50 (-6.10%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (HIO) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Western Asset High Income Opportunity Fund Inc to open at $3.73, and during the day (based on 14 day Average True Range), to move between $3.69 and $3.77, which gives a possible trading interval of +/-$0.0385 (+/-1.03%) 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 2.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $3.72 (0.27%) than the resistance at $3.92 (5.09%), 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 positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.224 Hold/Accumulate Upgraded
Predicted Opening Price for Western Asset High Income Opportunity Fund Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $3.73 ( 0.0894%) | $3.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HIO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.76 | 0.89 % | |
| R2 | 3.75 | 0.586 % | ||
| R1 | 3.74 | 0.397 % | ||
| Current price: | 3.73 | |||
| Support | S1 | 3.72 | -0.218 % | |
| S2 | 3.71 | -0.408 % | ||
| S3 | 3.70 | -0.715 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.98 | 6.70 % | |
| R2 | 3.93 | 5.36 % | ||
| R1 | 3.92 | 5.09 % | ||
| Current price | 3.73 | |||
| Support | S1 | 3.72 | -0.268% | |
| S2 | 3.71 | -0.536% | ||
| S3 | 0 | . |
HIO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 22, 2024 | May 22, 2024 | Jun 03, 2024 | $0.0355 | 0.95% |
| 2 | Feb 20, 2024 | Apr 22, 2024 | May 01, 2024 | $0.0355 | 0.95% |
| 3 | Mar 20, 2024 | Mar 20, 2024 | Apr 01, 2024 | $0.0355 | 0.90% |
| 4 | Nov 16, 2023 | Feb 21, 2024 | Mar 01, 2024 | $0.0355 | 0.91% |
| 5 | Nov 14, 2023 | Jan 23, 2024 | Feb 01, 2024 | $0.0355 | 0.90% |
FAQ
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