Invesco Trust for Investment Grade New Stock Forecast

Invesco Trust for Investment Grade New stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on May 14, 2024)

VTN Signals & Forecast

The Invesco Trust for Investment Grade New stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $10.68 and $10.57. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, May 10, 2024, and so far it has fallen -0.117%. Further fall is indicated until a new bottom pivot has been found. 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. The stock had a Golden Star Signal on Monday, July 10, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Invesco Trust for Investment Grade New stock

Invesco Trust for Investment Grade New finds support from accumulated volume at $10.52 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 $0.0199 between high and low, or 0.186%. For the last week the stock has had daily average volatility of 0.690%

Our recommended stop-loss: $10.36 (-3.12%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (VTN) For The Upcoming Trading Day Of Wednesday 15th

For the upcoming trading day on Wednesday, 15th we expect Invesco Trust for Investment Grade New York Municipal to open at $10.69, and during the day (based on 14 day Average True Range), to move between $10.62 and $10.78, which gives a possible trading interval of +/-$0.0822 (+/-0.77%) up or down from last closing price. If Invesco Trust for Investment Grade New York Municipal takes out the full calculated possible swing range there will be an estimated 1.54% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $10.71 (0.12%) than the support at $10.52 (1.66%), 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 Invesco Trust for Investment Grade New York Municipal stock A Buy?

Invesco Trust for Investment Grade New 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: -0.388 Hold/Accumulate Downgraded

Predicted Opening Price for Invesco Trust for Investment Grade New York Municipal of Wednesday, May 15, 2024

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