OFS Credit Company, Inc. Stock Forecast
Weaker technical forecast for OFS Credit Company, Inc. as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The OFS Credit Company, Inc. stock price gained 0.201% on the last trading day (Friday, 3rd May 2024), rising from $23.96 to $24.01. During the last trading day the stock fluctuated 0.289% from a day low at $23.96 to a day high of $24.03. The price has risen in 6 of the last 10 days and is up by 0.14% over the past 2 weeks. Volume fell on the last day by -412 shares and in total, 1 thousand shares were bought and sold for approximately $28.71 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock 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 OFS Credit Company, Inc. stock with a 90% probability to be traded between $23.74 and $24.30 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 stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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OCCIO Signals & Forecast
The OFS Credit Company, Inc. 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 $23.93 and $23.91. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 29, 2024, and so far it has risen 1.04%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 not be. The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Wednesday, May 01, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, November 08, 2023.
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.
Golden Star
The stock had a Golden Star Signal on Wednesday, May 01, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, November 08, 2023.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.
Golden Star 12 Months
The stock had a Golden Star Signal on Wednesday, May 01, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, November 08, 2023.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.
A sell signal from a double top formation was found on Friday, April 26, 2024 and based on theory for this formation the price should fall by -3.08% to $23.27 within 18 trading days since signal was issued (Monday, May 06, 2024).
Support, Risk & Stop-loss for OFS Credit Company, Inc. stock
OFS Credit Company, Inc. finds support from accumulated volume at $23.75 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 $0.0693 between high and low, or 0.289%. For the last week the stock has had daily average volatility of 0.499%
Our recommended stop-loss: $22.83 (-4.93%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (OCCIO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect OFS Credit Company, Inc. to open at $24.00, and during the day (based on 14 day Average True Range), to move between $23.86 and $24.16, which gives a possible trading interval of +/-$0.148 (+/-0.62%) up or down from last closing price. If OFS Credit Company, Inc. takes out the full calculated possible swing range there will be an estimated 1.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $24.02 (0.03%) than the support at $23.75 (1.08%), 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 OFS Credit Company, Inc. stock A Buy?
OFS Credit Company, Inc. 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.308 Hold/Accumulate Downgraded
Predicted Opening Price for OFS Credit Company, Inc. of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $24.00 ( 0.0376%) | $24.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OCCIO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.07 | 0.251 % | |
| R2 | 24.04 | 0.141 % | ||
| R1 | 24.03 | 0.0726 % | ||
| Current price: | 24.01 | |||
| Support | S1 | 23.97 | -0.148 % | |
| S2 | 23.96 | -0.216 % | ||
| S3 | 23.93 | -0.326 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.09 | 0.344 % | |
| R2 | 24.02 | 0.0491 % | ||
| R1 | 24.02 | 0.0312 % | ||
| Current price | 24.01 | |||
| Support | S1 | 23.75 | -1.08% | |
| S2 | 23.72 | -1.20% | ||
| S3 | 23.63 | -1.58% |
OCCIO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 18, 2024 | Jul 18, 2024 | Jul 31, 2024 | $0.128 | 0.531% |
| 2 | Jun 17, 2024 | Jun 17, 2024 | Jun 28, 2024 | $0.128 | 0.531% |
| 3 | May 20, 2024 | May 20, 2024 | May 31, 2024 | $0.128 | 0.531% |
| 4 | Apr 18, 2024 | Apr 18, 2024 | Apr 30, 2024 | $0.128 | 0.532% |
| 5 | Feb 01, 2024 | Mar 18, 2024 | Mar 29, 2024 | $0.128 | 0.534% |
FAQ
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