Fri 23'rd Feb 2018
Gabelli Equity Trust Inc (The) Stock Analysis
Technical stock analysis for Fri 23'rd Feb 2018
|Shorts||0.25% ( 2018-01-31 )|
Given the current horizontal trend you can expect Gabelli Equity Trust Inc (The) with 90% probability to be traded between $6.13 and $6.79 at the end of this period with 90% probability. 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 roof. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Gabelli Equity Trust Inc (The) holds a buysignal from the short-term moving average; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock. On further gains, the stock will meet resistance from the long-term moving average at $6.35. On a fall, the stock will find some support from the short-term average at $6.27. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sales signal and strengthen the general signal. A sales signal was issued from a pivot top point on Friday February 16, 2018, which indicates further falls until a new bottom pivot has been found.
Relative Strength Index (RSI)
RSI14 is 48 and the stock is currently not being overbought or oversold
Support & Resistance
Gabelli Equity Trust Inc (The) finds support from accumulated volume at $6.22. On the upside the stock meets some resistance just above today's level from accumulated volume at $6.40, $6.43 and $6.50.
The stock is about to test the resistance from accumulated volume at $6.40 and this may cause the stock to take a minor break or get into a more sideways move for a few days.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.07 (1.12%) between high and low. For the last week, the stock has had a daily average volatility of 1.28%.
Our recommended stoploss: $6.09 (-3.87%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from pivot top found 4 days ago.)
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Gabelli Equity Trust Inc (The) holds several negative signals and this should give a sell recommendation, but due to the general chance for a turnaround situation we recommend to hold or accumulate whilst awaiting for further development. We have upgraded our recommendation for this stock since last evaluation from a Sell Candidate to a Hold/Accumulate.
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