Madison Covered Call & Equity Strategy Stock Forecast

Evaluation of Madison Covered Call & Equity Strategy stock downgraded after the last trading session.
(Updated on Apr 24, 2024)

MCN Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 1.68%. 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 Madison Covered Call & Equity Strategy 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 $7.21. On a fall, the stock will find some support from the short-term average at $7.00. 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. 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.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Wednesday, March 27, 2024 with a target of $7.24. Despite whether the objective of the signal formation has been reached the stock may continue to fall.

Support, Risk & Stop-loss for Madison Covered Call & Equity Strategy stock

Madison Covered Call & Equity Strategy finds support from accumulated volume at $6.97 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 controlled movements and therefore the general risk is considered 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 1.28%. For the last week the stock has had daily average volatility of 0.99%.

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

Trading Expectations (MCN) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Madison Covered Call & Equity Strategy Fund to open at $7.06, and during the day (based on 14 day Average True Range), to move between $6.94 and $7.14, which gives a possible trading interval of +/-$0.0985 (+/-1.40%) up or down from last closing price. If Madison Covered Call & Equity Strategy Fund takes out the full calculated possible swing range there will be an estimated 2.80% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $6.97 (0.99%) than the resistance at $7.15 (1.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Madison Covered Call & Equity Strategy Fund stock A Buy?

Madison Covered Call & Equity Strategy 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: -2.866 Sell Candidate Downgraded

Predicted Opening Price for Madison Covered Call & Equity Strategy Fund of Thursday, April 25, 2024

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