Tortoise Energy Independence Fund Inc Stock Forecast

Tortoise Energy Independence Fund Inc stock price up 0.709% on Monday
(Updated on Apr 22, 2024)

NDP Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -1.16%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The Tortoise Energy Independence Fund Inc 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 $33.56 and $33.15. A breakdown below any of these levels will issue sell signals. The stock had a Golden Star Signal on Thursday, February 08, 2024 in the short-term chart.

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.

Support, Risk & Stop-loss for Tortoise Energy Independence Fund Inc stock

On the downside, the stock finds support just below today's level from accumulated volume at $30.81 and $30.13. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Tortoise Energy Independence Fund Inc finds support just below today's level at $30.81. If this is broken, then the next support from accumulated volume will be at $30.13 and $28.87.

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 $0.330 between high and low, or 0.98%. For the last week the stock has had daily average volatility of 1.05%

Our recommended stop-loss: $32.80 (-3.76%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 8 days ago.)

Trading Expectations (NDP) For The Upcoming Trading Day Of Tuesday 23rd

For the upcoming trading day on Tuesday, 23rd we expect Tortoise Energy Independence Fund Inc to open at $33.97, and during the day (based on 14 day Average True Range), to move between $33.68 and $34.48, which gives a possible trading interval of +/-$0.395 (+/-1.16%) up or down from last closing price. If Tortoise Energy Independence Fund Inc takes out the full calculated possible swing range there will be an estimated 2.32% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $34.40 (0.94%) than the support at $30.81 (9.60%), 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 Tortoise Energy Independence Fund Inc stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tortoise Energy Independence Fund Inc stock to perform well in the short-term.

Current score: 3.661 Buy Candidate Unchanged

Predicted Opening Price for Tortoise Energy Independence Fund Inc of Tuesday, April 23, 2024

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