RiverNorth/DoubleLine Strategic Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
RiverNorth/DoubleLine Strategic stock upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 01, 2024)
The RiverNorth/DoubleLine Strategic stock price gained 0.424% on the last trading day (Wednesday, 1st May 2024), rising from $8.26 to $8.30. During the last trading day the stock fluctuated 0.725% from a day low at $8.28 to a day high of $8.34. The price has risen in 6 of the last 10 days and is up by 1.53% over the past 2 weeks. Volume fell on the last day by -40 thousand shares and in total, 56 thousand shares were bought and sold for approximately $464.79 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 horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect RiverNorth/DoubleLine Strategic stock with a 90% probability to be traded between $8.05 and $8.57 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
There are mixed signals in the stock today. The RiverNorth/DoubleLine Strategic 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 $8.36. On a fall, the stock will find some support from the short-term average at $8.26. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 2.03%. Further rise is indicated until a new top pivot has been found.
A buy signal from a double bottom formation was found on Tuesday, April 16, 2024 and based on theory for this formation the price should go up by 5.99% to $8.79 within 35 trading days since signal was issued (Thursday, May 02, 2024).
Support, Risk & Stop-loss for RiverNorth/DoubleLine Strategic stock
RiverNorth/DoubleLine Strategic finds support from accumulated volume at $8.28 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 $0.0600 between high and low, or 0.725%. For the last week the stock has had daily average volatility of 0.90%
Our recommended stop-loss: $7.85 (-5.33%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (OPP) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect RiverNorth/DoubleLine Strategic Opportunity Fund Inc to open at $8.31, and during the day (based on 14 day Average True Range), to move between $8.21 and $8.38, which gives a possible trading interval of +/-$0.0898 (+/-1.08%) 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 2.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.28 (0.18%) than the resistance at $8.37 (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 RiverNorth/DoubleLine Strategic Opportunity Fund Inc stock A Buy?
RiverNorth/DoubleLine Strategic 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: -0.950 Hold/Accumulate Upgraded
Predicted Opening Price for RiverNorth/DoubleLine Strategic Opportunity Fund Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $8.31 ( 0.121%) | $8.30 |
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 | 8.37 | 0.84 % | |
| R2 | 8.34 | 0.568 % | ||
| R1 | 8.33 | 0.397 % | ||
| Current price: | 8.30 | |||
| Support | S1 | 8.28 | -0.156 % | |
| S2 | 8.27 | -0.326 % | ||
| S3 | 8.25 | -0.603 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.49 | 2.35 % | |
| R2 | 8.38 | 1.02 % | ||
| R1 | 8.37 | 0.90 % | ||
| Current price | 8.30 | |||
| Support | S1 | 8.28 | -0.181% | |
| S2 | 8.18 | -1.39% | ||
| S3 | 8.17 | -1.51% |
OPP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 14, 2024 | Jun 14, 2024 | Jun 28, 2024 | $0.100 | 1.21% |
| 2 | Apr 01, 2024 | May 14, 2024 | May 31, 2024 | $0.100 | 1.21% |
| 3 | Apr 01, 2024 | Apr 12, 2024 | Apr 30, 2024 | $0.100 | 1.21% |
| 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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