Nuveen Dividend Advantage Municipal Fund Stock Forecast

Nuveen Dividend Advantage Municipal Fund stock upgraded to Strong Buy Candidate.
(Updated on Jun 12, 2024)

NAD Signals & Forecast

Mostly positive signals in the chart today. The Nuveen Dividend Advantage Municipal Fund 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 $11.55 and $11.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 7.83%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The stock had a Golden Star Signal on Friday, May 31, 2024 in the long-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 Nuveen Dividend Advantage Municipal Fund stock

Nuveen Dividend Advantage Municipal Fund finds support from accumulated volume at $11.27 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 $0.130 between high and low, or 1.11%. For the last week the stock has had daily average volatility of 0.781%.

The Nuveen Dividend Advantage Municipal Fund stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $11.30 (-3.40%) (This stock has low daily movements and this gives low risk. The RSI14 is 80 and this increases the risk substantially. There is a buy signal from a pivot bottom found 52 days ago.)

Trading Expectations (NAD) For The Upcoming Trading Day Of Thursday 13th

For the upcoming trading day on Thursday, 13th we expect Nuveen Dividend Advantage Municipal Fund to open at $11.73, and during the day (based on 14 day Average True Range), to move between $11.60 and $11.80, which gives a possible trading interval of +/-$0.0977 (+/-0.84%) up or down from last closing price. If Nuveen Dividend Advantage Municipal Fund takes out the full calculated possible swing range there will be an estimated 1.67% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $11.27, some $0.430 (3.68%) from the current price of $11.70, our system finds the risk reward attractive.

Is Nuveen Dividend Advantage Municipal Fund stock A Buy?

Nuveen Dividend Advantage Municipal Fund holds several positive signals and is considered to be a good choice at current levels. We expect the Nuveen Dividend Advantage Municipal Fund stock to perform great in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.261 Strong Buy Candidate Upgraded

Predicted Opening Price for Nuveen Dividend Advantage Municipal Fund of Thursday, June 13, 2024

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