Gabelli Convertible and Income Stock Forecast

Weaker technical forecast for Gabelli Convertible and Income as stock downgraded to Sell Candidate.
(Updated on Apr 25, 2024)

GCV Signals & Forecast

There are mixed signals in the stock today. The Gabelli Convertible and Income stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $3.62. On a fall, the stock will find some support from the short-term average at $3.48. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -1.13%. 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 very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Gabelli Convertible and Income stock

Gabelli Convertible and Income finds support from accumulated volume at $3.46 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0600 between high and low, or 1.73%. For the last week the stock has had daily average volatility of 1.43%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (GCV) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect Gabelli Convertible and Income Securities Fund Inc (The) to open at $3.49, and during the day (based on 14 day Average True Range), to move between $3.42 and $3.56, which gives a possible trading interval of +/-$0.0661 (+/-1.89%) up or down from last closing price. If Gabelli Convertible and Income Securities Fund Inc (The) takes out the full calculated possible swing range there will be an estimated 3.79% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $3.46 (0.86%) than the resistance at $3.64 (4.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Gabelli Convertible and Income Securities Fund Inc (The) stock A Buy?

Gabelli Convertible and Income holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.289 Sell Candidate Downgraded

Predicted Opening Price for Gabelli Convertible and Income Securities Fund Inc (The) of Friday, April 26, 2024

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