RiverNorth/DoubleLine Strategic Stock Forecast
RiverNorth/DoubleLine Strategic stock upgraded to Buy Candidate.
(Updated on Apr 19, 2024)
The RiverNorth/DoubleLine Strategic stock price fell by -0.487% on the last day (Friday, 19th Apr 2024) from $8.21 to $8.17. During the last trading day the stock fluctuated 0.735% from a day low at $8.16 to a day high of $8.22. The price has fallen in 6 of the last 10 days and is down by -2.85% for this period. Volume has increased on the last day by 29 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, 72 thousand shares were bought and sold for approximately $585.74 thousand.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $8.13 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect RiverNorth/DoubleLine Strategic stock with a 90% probability to be traded between $8.13 and $8.63 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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OPP Signals & Forecast
The RiverNorth/DoubleLine Strategic 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 $8.23 and $8.38. 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). RiverNorth/DoubleLine Strategic 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". Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.492%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for RiverNorth/DoubleLine Strategic stock
RiverNorth/DoubleLine Strategic finds support from accumulated volume at $8.13 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 $0.0600 between high and low, or 0.735%. For the last week the stock has had daily average volatility of 1.00%.
Our recommended stop-loss: $7.74 (-5.27%) (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 (OPP) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect RiverNorth/DoubleLine Strategic Opportunity Fund Inc to open at $8.18, and during the day (based on 14 day Average True Range), to move between $8.07 and $8.27, which gives a possible trading interval of +/-$0.0970 (+/-1.19%) up or down from last closing price. If RiverNorth/DoubleLine Strategic Opportunity Fund Inc takes out the full calculated possible swing range there will be an estimated 2.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.13 (0.49%) than the resistance at $8.38 (2.57%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is RiverNorth/DoubleLine Strategic Opportunity Fund Inc stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.326 Buy Candidate Upgraded
Predicted Opening Price for RiverNorth/DoubleLine Strategic Opportunity Fund Inc of Monday, April 22, 2024
Fair opening price April 22, 2024 | Current price |
---|---|
$8.18 ( 0.163%) | $8.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for OPP
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.24 | 0.90 % | |
R2 | 8.22 | 0.617 % | ||
R1 | 8.21 | 0.444 % | ||
Current price: | 8.17 | |||
Support | S1 | 8.16 | -0.117 % | |
S2 | 8.15 | -0.291 % | ||
S3 | 8.12 | -0.571 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.49 | 3.92 % | |
R2 | 8.43 | 3.18 % | ||
R1 | 8.38 | 2.57 % | ||
Current price | 8.17 | |||
Support | S1 | 8.13 | -0.490% | |
S2 | 8.12 | -0.611% | ||
S3 | 0 | . |
OPP Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 14, 2024 | Jun 14, 2024 | Jun 28, 2024 | $0.100 | 1.23% |
2 | Apr 01, 2024 | May 14, 2024 | May 31, 2024 | $0.100 | 1.23% |
3 | Apr 01, 2024 | Apr 12, 2024 | Apr 30, 2024 | $0.100 | 1.23% |
4 | Jan 05, 2024 | Mar 14, 2024 | Mar 28, 2024 | $0.100 | 1.16% |
5 | Jan 02, 2024 | Feb 14, 2024 | Feb 29, 2024 | $0.100 | 1.22% |
FAQ
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