Source Capital Inc Stock Forecast
Stronger technical forecast for Source Capital Inc stock price after Wednesday trading.
(Updated on May 01, 2024)
The Source Capital Inc stock price gained 0.89% on the last trading day (Wednesday, 1st May 2024), rising from $41.44 to $41.81. During the last trading day the stock fluctuated 1.16% from a day low at $41.49 to a day high of $41.97. The price has risen in 6 of the last 10 days and is up by 1.83% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 thousand more shares were traded than the day before. In total, 15 thousand shares were bought and sold for approximately $617.24 thousand.
The stock lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.96% during the next 3 months and, with a 90% probability hold a price between $42.32 and $44.48 at the end of this 3-month period.
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SOR Signals & Forecast
The Source Capital Inc 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 $41.53 and $41.78. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 1.93%. Further rise is indicated until a new top pivot has been found. Source Capital Inc 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).
A buy signal from a double bottom formation was found on Thursday, April 25, 2024 and based on theory for this formation the price should go up by 3.58% to $43.31 within 27 trading days since signal was issued (Thursday, May 02, 2024).
Support, Risk & Stop-loss for Source Capital Inc stock
Source Capital Inc finds support from accumulated volume at $41.00 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 $0.480 between high and low, or 1.16%. For the last week the stock has had daily average volatility of 1.32%.
Our recommended stop-loss: $39.57 (-5.36%) (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 (SOR) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Source Capital Inc to open at $41.76, and during the day (based on 14 day Average True Range), to move between $41.29 and $42.33, which gives a possible trading interval of +/-$0.521 (+/-1.25%) up or down from last closing price. If Source Capital Inc takes out the full calculated possible swing range there will be an estimated 2.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $41.85 (0.10%) than the support at $41.00 (1.94%), 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 Source Capital Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Source Capital Inc stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.295 Buy Candidate Upgraded
Predicted Opening Price for Source Capital Inc of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $41.76 ( 0.128%) | $41.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 42.24 | 1.02 % | |
| R2 | 42.05 | 0.582 % | ||
| R1 | 41.94 | 0.311 % | ||
| Current price: | 41.81 | |||
| Support | S1 | 41.57 | -0.566 % | |
| S2 | 41.46 | -0.84 % | ||
| S3 | 41.28 | -1.28 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 42.49 | 1.63 % | |
| R2 | 41.96 | 0.359 % | ||
| R1 | 41.85 | 0.0957 % | ||
| Current price | 41.81 | |||
| Support | S1 | 41.00 | -1.94% | |
| S2 | 40.50 | -3.13% | ||
| S3 | 40.28 | -3.66% |
SOR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 26, 2024 | May 15, 2024 | May 31, 2024 | $0.208 | 0.497% |
| 2 | Jan 25, 2024 | Apr 17, 2024 | Apr 30, 2024 | $0.208 | 0.503% |
| 3 | Jan 23, 2024 | Mar 14, 2024 | Mar 28, 2024 | $0.208 | 0.490% |
| 4 | Dec 07, 2023 | Feb 15, 2024 | Feb 29, 2024 | $0.208 | 0.507% |
| 5 | Jan 16, 2024 | Jan 16, 2024 | Jan 31, 2024 | $0.208 | 0.521% |
FAQ
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