Virtus Global Multi-Sector Income Fund Stock Forecast

Stronger technical forecast for Virtus Global Multi-Sector Income Fund stock price after Wednesday trading.
(Updated on May 08, 2024)

VGI Signals & Forecast

The Virtus Global Multi-Sector Income Fund 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 $7.42 and $7.43. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 4.44%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Virtus Global Multi-Sector Income Fund stock

Virtus Global Multi-Sector Income Fund finds support from accumulated volume at $7.51 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 $0.0200 between high and low, or 0.266%. For the last week the stock has had daily average volatility of 0.558%

The Virtus Global Multi-Sector Income Fund stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs. Since the Virtus Global Multi-Sector Income Fund has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $7.18 (-4.50%) (This stock has low daily movements and this gives low risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (VGI) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Virtus Global Multi-Sector Income Fund to open at $7.52, and during the day (based on 14 day Average True Range), to move between $7.46 and $7.58, which gives a possible trading interval of +/-$0.0601 (+/-0.80%) up or down from last closing price. If Virtus Global Multi-Sector Income Fund takes out the full calculated possible swing range there will be an estimated 1.60% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $7.51 (0.13%) than the resistance at $7.54 (0.27%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Virtus Global Multi-Sector Income Fund stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 1.004 Buy Candidate Upgraded

Predicted Opening Price for Virtus Global Multi-Sector Income Fund of Thursday, May 9, 2024

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