BlackRock California Municipal Income Stock Forecast
BlackRock California Municipal Income stock upgraded to Buy Candidate.
(Updated on May 03, 2024)
The BlackRock California Municipal Income stock price gained 0.732% on the last trading day (Friday, 3rd May 2024), rising from $11.62 to $11.70. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0.556% from a day low at $11.70 to a day high of $11.77. The price has risen in 7 of the last 10 days and is up by 1.3% over the past 2 weeks. Volume fell on the last day by -8 thousand shares and in total, 66 thousand shares were bought and sold for approximately $771.52 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 is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect BlackRock California Municipal Income stock with a 90% probability to be traded between $11.21 and $11.62 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. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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BFZ Signals & Forecast
The BlackRock California Municipal Income stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $11.59 and $11.69. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 1.93%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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.
Support, Risk & Stop-loss for BlackRock California Municipal Income stock
BlackRock California Municipal Income finds support from accumulated volume at $11.69 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 $0.0650 between high and low, or 0.556%. For the last week the stock has had daily average volatility of 0.585%
Our recommended stop-loss: $11.12 (-4.97%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (BFZ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect BlackRock California Municipal Income Trust to open at $11.72, 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 +/-$0.0967 (+/-0.83%) up or down from last closing price. If BlackRock California Municipal Income Trust takes out the full calculated possible swing range there will be an estimated 1.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.69 (0.09%) than the resistance at $11.78 (0.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BlackRock California Municipal Income Trust stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for BlackRock California Municipal Income stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.329 Buy Candidate Upgraded
Predicted Opening Price for BlackRock California Municipal Income Trust of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $11.72 ( 0.185%) | $11.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BFZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.79 | 0.741 % | |
| R2 | 11.76 | 0.529 % | ||
| R1 | 11.75 | 0.397 % | ||
| Current price: | 11.70 | |||
| Support | S1 | 11.70 | -0.0270 % | |
| S2 | 11.68 | -0.158 % | ||
| S3 | 11.66 | -0.370 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.82 | 1.03 % | |
| R2 | 11.79 | 0.769 % | ||
| R1 | 11.78 | 0.684 % | ||
| Current price | 11.70 | |||
| Support | S1 | 11.69 | -0.0855% | |
| S2 | 11.62 | -0.684% | ||
| S3 | 11.60 | -0.85% |
BFZ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 01, 2024 | Apr 12, 2024 | May 01, 2024 | $0.0510 | 0.439% |
| 2 | Mar 01, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.0510 | 0.431% |
| 3 | Nov 17, 2023 | Feb 14, 2024 | Mar 01, 2024 | $0.0510 | 0.434% |
| 4 | Jan 11, 2024 | Jan 11, 2024 | Feb 01, 2024 | $0.0510 | 0.428% |
| 5 | Dec 14, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.0510 | 0.424% |
FAQ
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