Ecofin U.s. Renewables Infrastructure Trust Forecast
Red day on Wednesday for Ecofin U.s. Renewables Infrastructure
(Updated on Jun 26, 2024)
The Ecofin U.s. Renewables Infrastructure trust price fell by -0.82% on the last day (Wednesday, 26th Jun 2024) from £41.22 to £40.88. During the last trading day the trust fluctuated 4.82% from a day low at £39.00 to a day high of £40.88. The price has fallen in 5 of the last 10 days but is still up by 3.55% over the past 2 weeks. Volume has increased on the last day by 9 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 12 thousand shares were bought and sold for approximately £470.12 thousand.
The trust is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Ecofin U.s. Renewables Infrastructure trust with a 90% probability to be traded between £38.15 and £42.32 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 trusts seldom manage to go directly from the bottom of a trend up to the top. Trusts turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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RNEP.L Signals & Forecast
The Ecofin U.s. Renewables Infrastructure trust holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the trust 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 £40.43 and £40.82. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, June 21, 2024, and so far it has fallen -0.82%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Ecofin U.s. Renewables Infrastructure gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
A buy signal from a double bottom formation was found on Friday, June 14, 2024 and based on theory for this formation the price should go up by 2.21% to £41.78 within 46 trading days since signal was issued (Monday, August 19, 2024).
Support, Risk & Stop-loss for Ecofin U.s. Renewables Infrastructure trust
Ecofin U.s. Renewables Infrastructure finds support from accumulated volume at £40.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This trust is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the trust moved £1.88 (4.82%) between high and low. For the last week, the trust has had daily average volatility of 3.14%.
Our recommended stop-loss: £39.54 (-3.28%) (This trust has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (RNEP.L) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Ecofin U.s. Renewables Infrastructure Trust Plc to open at £40.25, and during the day (based on 14 day Average True Range), to move between £38.94 and £42.82, which gives a possible trading interval of +/-£1.94 (+/-4.74%) up or down from last closing price. If Ecofin U.s. Renewables Infrastructure Trust Plc takes out the full calculated possible swing range there will be an estimated 9.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £41.00 (0.29%) than the support at £40.00 (2.15%), 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 Ecofin U.s. Renewables Infrastructure Trust Plc trust A Buy?
Ecofin U.s. Renewables Infrastructure 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: -0.882 Hold/Accumulate Unchanged
Predicted Opening Price for Ecofin U.s. Renewables Infrastructure Trust Plc of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| £40.25 ( 1.53%) | £40.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RNEP.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 42.13 | 3.07% |
| R2 | 41.42 | 1.31% |
| R1 | 40.97 | 0.224% |
| Price | 40.88 | |
| S1 | 39.54 | -3.29% |
| S2 | 39.09 | -4.38% |
| S3 | 38.37 | -6.13% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 42.00 | 2.74% |
| R2 | 41.30 | 1.03% |
| R1 | 41.00 | 0.294% |
| Price | 40.88 | |
| S1 | 40.00 | -2.15% |
| S2 | 39.48 | -3.42% |
| S3 | 39.00 | -4.60% |
FAQ
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