Eaton Vance Floating Rate Income Trust Stock Forecast
Red day on Friday for Eaton Vance Floating Rate Income Trust
(Updated on Apr 19, 2024)
The Eaton Vance Floating Rate Income Trust stock price fell by -0.373% on the last day (Friday, 19th Apr 2024) from $13.40 to $13.35. During the last trading day the stock fluctuated 0.674% from a day low at $13.35 to a day high of $13.44. The price has been going up and down for this period, and there has been a 0.38% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -21 thousand shares and in total, 50 thousand shares were bought and sold for approximately $669.90 thousand.
The stock is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Eaton Vance Floating Rate Income Trust stock with a 90% probability to be traded between $13.18 and $13.67 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 stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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EFT Signals & Forecast
The Eaton Vance Floating Rate Income Trust 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 $13.34 and $13.25. 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 Wednesday, April 17, 2024, and so far it has fallen -0.743%. 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). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The stock had a Golden Star Signal on Monday, March 25, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, April 27, 2023.
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.
Golden Star
The stock had a Golden Star Signal on Monday, March 25, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, April 27, 2023.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.
Golden Star 12 Months
The stock had a Golden Star Signal on Monday, March 25, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, April 27, 2023.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.
A sell signal from a double top formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should fall by -5.00% to $12.68 within 41 trading days since signal was issued (Monday, April 22, 2024).
Support, Risk & Stop-loss for Eaton Vance Floating Rate Income Trust stock
Eaton Vance Floating Rate Income Trust finds support from accumulated volume at $13.31 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 $0.0900 between high and low, or 0.674%. For the last week the stock has had daily average volatility of 1.01%
Our recommended stop-loss: $12.78 (-4.25%) (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 (EFT) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Eaton Vance Floating Rate Income Trust to open at $13.38, and during the day (based on 14 day Average True Range), to move between $13.22 and $13.48, which gives a possible trading interval of +/-$0.131 (+/-0.98%) up or down from last closing price. If Eaton Vance Floating Rate Income Trust takes out the full calculated possible swing range there will be an estimated 1.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $13.37 (0.15%) than the support at $13.31 (0.30%), 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 Eaton Vance Floating Rate Income Trust stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Eaton Vance Floating Rate Income Trust stock to perform well in the short-term period.
Current score: 2.874 Buy Candidate Unchanged
Predicted Opening Price for Eaton Vance Floating Rate Income Trust of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $13.38 ( 0.225%) | $13.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EFT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.47 | 0.90 % | |
| R2 | 13.44 | 0.641 % | ||
| R1 | 13.41 | 0.482 % | ||
| Current price: | 13.35 | |||
| Support | S1 | 13.35 | -0.0328 % | |
| S2 | 13.32 | -0.192 % | ||
| S3 | 13.29 | -0.449 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.40 | 0.375 % | |
| R2 | 13.38 | 0.225 % | ||
| R1 | 13.37 | 0.150 % | ||
| Current price | 13.35 | |||
| Support | S1 | 13.31 | -0.300% | |
| S2 | 13.28 | -0.524% | ||
| S3 | 13.01 | -2.55% |
EFT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 01, 2024 | Apr 22, 2024 | Apr 30, 2024 | $0.118 | 0.88% |
| 2 | Mar 01, 2024 | Mar 20, 2024 | Mar 28, 2024 | $0.118 | 0.89% |
| 3 | Feb 01, 2024 | Feb 21, 2024 | Feb 29, 2024 | $0.118 | 0.89% |
| 4 | Dec 18, 2023 | Dec 27, 2023 | Jan 15, 2024 | $0.0396 | 0.312% |
| 5 | Dec 01, 2023 | Dec 21, 2023 | Dec 29, 2023 | $0.118 | 0.94% |
FAQ
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