Source Capital Inc Stock Forecast
Source Capital Inc stock upgraded to Hold/Accumulate.
(Updated on Apr 26, 2024)
The Source Capital Inc stock price gained 0.99% on the last trading day (Friday, 26th Apr 2024), rising from $41.02 to $41.43. During the last trading day the stock fluctuated 0.85% from a day low at $41.13 to a day high of $41.48. The price has risen in 5 of the last 10 days but is still down by -0.35% for this period. Volume fell on the last day by -7 thousand shares and in total, 12 thousand shares were bought and sold for approximately $497.26 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $41.05 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.90% during the next 3 months and, with a 90% probability hold a price between $42.65 and $44.94 at the end of this 3-month period.
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SOR Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 0.99%. 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 Source Capital Inc 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 $41.50 and $41.84. 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). 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 also not.
A buy signal from a double bottom formation was found on Thursday, April 25, 2024 and based on theory for this formation the price should go up by 4.53% to $43.31 within 27 trading days since signal was issued (Monday, April 29, 2024).
Support, Risk & Stop-loss for Source Capital Inc stock
Source Capital Inc finds support from accumulated volume at $41.00 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 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 $0.350 between high and low, or 0.85%. For the last week the stock has had daily average volatility of 0.85%
Our recommended stop-loss: $39.24 (-5.28%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (SOR) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Source Capital Inc to open at $41.35, and during the day (based on 14 day Average True Range), to move between $40.93 and $41.93, which gives a possible trading interval of +/-$0.503 (+/-1.21%) up or down from last closing price. If Source Capital Inc takes out the full calculated possible swing range there will be an estimated 2.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $41.60 (0.41%) than the support at $41.00 (1.03%), 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 Source Capital Inc stock A Buy?
Source Capital Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.910 Hold/Accumulate Upgraded
Predicted Opening Price for Source Capital Inc of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $41.35 ( 0.198%) | $41.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.70 | 0.647 % | |
| R2 | 41.56 | 0.324 % | ||
| R1 | 41.48 | 0.125 % | ||
| Current price: | 41.43 | |||
| Support | S1 | 41.21 | -0.521 % | |
| S2 | 41.13 | -0.720 % | ||
| S3 | 41.00 | -1.04 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.96 | 1.28 % | |
| R2 | 41.85 | 1.02 % | ||
| R1 | 41.60 | 0.415 % | ||
| Current price | 41.43 | |||
| Support | S1 | 41.00 | -1.03% | |
| S2 | 40.50 | -2.24% | ||
| S3 | 40.28 | -2.77% |
SOR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 26, 2024 | May 15, 2024 | May 31, 2024 | $0.208 | 0.503% |
| 2 | Jan 25, 2024 | Apr 17, 2024 | Apr 30, 2024 | $0.208 | 0.503% |
| 3 | Jan 23, 2024 | Mar 14, 2024 | Mar 28, 2024 | $0.208 | 0.490% |
| 4 | Dec 07, 2023 | Feb 15, 2024 | Feb 29, 2024 | $0.208 | 0.507% |
| 5 | Jan 16, 2024 | Jan 16, 2024 | Jan 31, 2024 | $0.208 | 0.521% |
FAQ
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