Eaton Vance Municipal Income Trust Stock Forecast
Eaton Vance Municipal Income Trust stock price down 0.403% on Thursday
(Updated on Apr 18, 2024)
The Eaton Vance Municipal Income Trust stock price fell by -0.403% on the last day (Thursday, 18th Apr 2024) from $9.92 to $9.88. During the last trading day the stock fluctuated 1.06% from a day low at $9.86 to a day high of $9.97. The price has been going up and down for this period, and there has been a -1.98% loss for the last 2 weeks. Volume has increased on the last day by 25 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, 102 thousand shares were bought and sold for approximately $1.01 million.
The stock is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $9.86 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Eaton Vance Municipal Income Trust stock with a 90% probability to be traded between $9.85 and $10.34 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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EVN Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 0.203%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Eaton Vance Municipal Income Trust stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $9.95 and $10.15. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Eaton Vance Municipal Income Trust 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".
Support, Risk & Stop-loss for Eaton Vance Municipal Income Trust stock
Eaton Vance Municipal Income Trust finds support from accumulated volume at $9.86 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 $0.105 between high and low, or 1.06%. For the last week the stock has had daily average volatility of 1.11%.
Our recommended stop-loss: $9.36 (-5.31%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (EVN) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Eaton Vance Municipal Income Trust to open at $9.90, and during the day (based on 14 day Average True Range), to move between $9.78 and $9.98, which gives a possible trading interval of +/-$0.101 (+/-1.02%) up or down from last closing price. If Eaton Vance Municipal Income Trust takes out the full calculated possible swing range there will be an estimated 2.05% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $9.86 (0.20%) than the resistance at $10.14 (2.63%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Eaton Vance Municipal Income Trust stock A Buy?
Eaton Vance Municipal Income Trust 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: -0.158 Hold/Accumulate Unchanged
Predicted Opening Price for Eaton Vance Municipal Income Trust of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $9.90 ( 0.219%) | $9.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EVN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.01 | 1.28 % | |
| R2 | 9.97 | 0.88 % | ||
| R1 | 9.94 | 0.625 % | ||
| Current price: | 9.88 | |||
| Support | S1 | 9.86 | -0.187 % | |
| S2 | 9.84 | -0.437 % | ||
| S3 | 9.80 | -0.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.26 | 3.85 % | |
| R2 | 10.22 | 3.44 % | ||
| R1 | 10.14 | 2.63 % | ||
| Current price | 9.88 | |||
| Support | S1 | 9.86 | -0.202% | |
| S2 | 9.81 | -0.709% | ||
| S3 | 0 | . |
EVN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 01, 2024 | Apr 10, 2024 | Apr 18, 2024 | $0.0461 | 0.467% |
| 2 | Mar 08, 2024 | Mar 08, 2024 | Mar 18, 2024 | $0.0461 | 0.449% |
| 3 | Feb 01, 2024 | Feb 12, 2024 | Feb 20, 2024 | $0.0461 | 0.450% |
| 4 | Jan 02, 2024 | Jan 11, 2024 | Jan 19, 2024 | $0.0461 | 0.470% |
| 5 | Dec 01, 2023 | Dec 08, 2023 | Dec 18, 2023 | $0.0375 | 0.384% |
FAQ
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