Putnam Managed Municipal Income Trust Stock Forecast
Putnam Managed Municipal Income Trust stock downgraded to Sell Candidate
(Updated on Mar 28, 2024)
The Putnam Managed Municipal Income Trust stock price fell by -1.40% on the last day (Thursday, 28th Mar 2024) from $6.08 to $5.99. During the last trading day the stock fluctuated 1.67% from a day low at $5.99 to a day high of $6.09. The price has fallen in 5 of the last 10 days and is down by -2.2% for this period. Volume has increased on the last day by 124 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, 350 thousand shares were bought and sold for approximately $2.10 million.
The stock is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $5.99 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Putnam Managed Municipal Income Trust stock with a 90% probability to be traded between $5.94 and $6.20 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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PMM Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Putnam Managed Municipal Income Trust 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 $6.08 and $6.13. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, February 01, 2024, and so far it has fallen -4.47%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Putnam Managed Municipal Income Trust stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 $0.1000 between high and low, or 1.67%. For the last week the stock has had daily average volatility of 1.18%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PMM) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Putnam Managed Municipal Income Trust to open at $6.02, and during the day (based on 14 day Average True Range), to move between $5.92 and $6.06, which gives a possible trading interval of +/-$0.0651 (+/-1.09%) up or down from last closing price. If Putnam Managed Municipal Income Trust takes out the full calculated possible swing range there will be an estimated 2.17% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $6.08, some $0.0900 (1.50%) from the current price of $5.99, our system finds the risk reward not very attractive.
Is Putnam Managed Municipal Income Trust stock A Buy?
Putnam Managed Municipal Income Trust holds several negative signals and is within a narrow and falling trend, so we believe 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: -2.797 Sell Candidate Downgraded
Predicted Opening Price for Putnam Managed Municipal Income Trust of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$6.02 ( 0.556%) | $5.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PMM
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.12 | 2.23 % | |
R2 | 6.09 | 1.59 % | ||
R1 | 6.06 | 1.19 % | ||
Current price: | 5.99 | |||
Support | S1 | 5.99 | -0.0812 % | |
S2 | 5.96 | -0.475 % | ||
S3 | 5.92 | -1.11 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 6.12 | 2.17 % | |
R2 | 6.10 | 1.84 % | ||
R1 | 6.08 | 1.50 % | ||
Current price | 5.99 | |||
Support | S1 | 0 | . | |
S2 | 0 | . | ||
S3 | 0 | . |
PMM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 23, 2024 | Apr 23, 2024 | May 01, 2024 | $0.0238 | 0.397% |
2 | Mar 21, 2024 | Mar 21, 2024 | Apr 01, 2024 | $0.0238 | 0.397% |
3 | Jan 29, 2024 | Feb 22, 2024 | Mar 01, 2024 | $0.0238 | 0.389% |
4 | Nov 17, 2023 | Jan 23, 2024 | Feb 01, 2024 | $0.0238 | 0.380% |
5 | Nov 17, 2023 | Dec 21, 2023 | Jan 02, 2024 | $0.0238 | 0.392% |
FAQ
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