RiverNorth/DoubleLine Strategic Stock Forecast
RiverNorth/DoubleLine Strategic stock price ended at $8.21 on Thursday, after gaining 0.490%.
(Updated on Apr 18, 2024)
The RiverNorth/DoubleLine Strategic stock price gained 0.490% on the last trading day (Thursday, 18th Apr 2024), rising from $8.17 to $8.21. During the last trading day the stock fluctuated 0.404% from a day low at $8.19 to a day high of $8.22. The price has been going up and down for this period, and there has been a -2.33% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 43 thousand shares were bought and sold for approximately $352.69 thousand.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $8.13 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect RiverNorth/DoubleLine Strategic stock with a 90% probability to be traded between $8.16 and $8.66 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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OPP Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.98%. Further rise is indicated until a new top pivot has been found. RiverNorth/DoubleLine Strategic has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The RiverNorth/DoubleLine Strategic 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 $8.27 and $8.38. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for RiverNorth/DoubleLine Strategic stock
RiverNorth/DoubleLine Strategic finds support from accumulated volume at $8.19 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 $0.0331 between high and low, or 0.404%. For the last week the stock has had daily average volatility of 1.15%.
Our recommended stop-loss: $7.71 (-6.11%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (OPP) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect RiverNorth/DoubleLine Strategic Opportunity Fund Inc to open at $8.21, and during the day (based on 14 day Average True Range), to move between $8.11 and $8.31, which gives a possible trading interval of +/-$0.0998 (+/-1.22%) up or down from last closing price. If RiverNorth/DoubleLine Strategic Opportunity Fund Inc takes out the full calculated possible swing range there will be an estimated 2.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.19 (0.24%) than the resistance at $8.38 (2.07%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is RiverNorth/DoubleLine Strategic Opportunity Fund Inc stock A Buy?
RiverNorth/DoubleLine Strategic holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.250 Hold/Accumulate Unchanged
Predicted Opening Price for RiverNorth/DoubleLine Strategic Opportunity Fund Inc of Friday, April 19, 2024
Fair opening price April 19, 2024 | Current price |
---|---|
$8.21 ( 0.0532%) | $8.21 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OPP
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.24 | 0.350 % | |
R2 | 8.23 | 0.196 % | ||
R1 | 8.22 | 0.101 % | ||
Current price: | 8.21 | |||
Support | S1 | 8.19 | -0.207 % | |
S2 | 8.19 | -0.302 % | ||
S3 | 8.17 | -0.456 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.49 | 3.41 % | |
R2 | 8.43 | 2.68 % | ||
R1 | 8.38 | 2.07 % | ||
Current price | 8.21 | |||
Support | S1 | 8.19 | -0.244% | |
S2 | 8.18 | -0.365% | ||
S3 | 8.17 | -0.487% |
OPP Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 14, 2024 | Jun 14, 2024 | Jun 28, 2024 | $0.100 | 1.22% |
2 | Apr 01, 2024 | May 14, 2024 | May 31, 2024 | $0.100 | 1.22% |
3 | Apr 01, 2024 | Apr 12, 2024 | Apr 30, 2024 | $0.100 | 1.22% |
4 | Jan 05, 2024 | Mar 14, 2024 | Mar 28, 2024 | $0.100 | 1.16% |
5 | Jan 02, 2024 | Feb 14, 2024 | Feb 29, 2024 | $0.100 | 1.22% |
FAQ
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