Rivernorth Flexible Municipal Income Stock Forecast

Rivernorth Flexible Municipal Income stock downgraded to Hold/Accumulate
(Updated on Jun 28, 2024)

RFM Signals & Forecast

The Rivernorth Flexible Municipal Income stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $16.03 and $16.11. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has risen 1.50%. Further rise is indicated until a new top pivot has been found. Rivernorth Flexible Municipal Income 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Rivernorth Flexible Municipal Income stock

Rivernorth Flexible Municipal Income finds support from accumulated volume at $16.07 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 $0.220 between high and low, or 1.37%. For the last week the stock has had daily average volatility of 1.08%.

Our recommended stop-loss: $15.24 (-5.89%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (RFM) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Rivernorth Flexible Municipal Income Fund, Inc. to open at $16.18, and during the day (based on 14 day Average True Range), to move between $15.99 and $16.39, which gives a possible trading interval of +/-$0.205 (+/-1.27%) up or down from last closing price. If Rivernorth Flexible Municipal Income Fund, Inc. takes out the full calculated possible swing range there will be an estimated 2.53% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $16.20 (0.06%) than the support at $16.07 (0.74%), 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 Rivernorth Flexible Municipal Income Fund, Inc. stock A Buy?

Rivernorth Flexible Municipal Income 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: 0.966 Hold/Accumulate Downgraded

Predicted Opening Price for Rivernorth Flexible Municipal Income Fund, Inc. of Monday, July 1, 2024

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