Nuveen Multi Market Income Fund Inc Stock Forecast
Weaker technical forecast for Nuveen Multi Market Income Fund Inc as stock downgraded to Sell Candidate.
(Updated on Apr 16, 2024)
The Nuveen Multi Market Income Fund Inc stock price fell by -0.342% on the last day (Tuesday, 16th Apr 2024) from $5.84 to $5.82. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 1.37% from a day low at $5.82 to a day high of $5.90. The price has fallen in 7 of the last 10 days and is down by -3.64% for this period. Volume has increased on the last day by 8 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, 8 thousand shares were bought and sold for approximately $48.96 thousand.
The stock has broken the narrow and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $5.84 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
JMM Signals & Forecast
There are few to no technical positive signals at the moment. The Nuveen Multi Market Income Fund 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 $5.93 and $6.00. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -4.59%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Nuveen Multi Market Income Fund Inc 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". The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Thursday, July 27, 2023 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.
Golden Star 12 Months
The stock had a Golden Star Signal on Thursday, July 27, 2023 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.
A sell signal from a double top formation was found on Wednesday, March 27, 2024 and based on theory for this formation the price should fall by -2.85% to $5.65 within 38 trading days since signal was issued (Wednesday, April 17, 2024).
Support, Risk & Stop-loss for Nuveen Multi Market Income Fund Inc 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 $0.0800 between high and low, or 1.37%. For the last week the stock has had daily average volatility of 0.81%.
Nuveen Multi Market Income Fund Inc is oversold on RSI14 (16). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (JMM) For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday, 17th we expect Nuveen Multi Market Income Fund Inc to open at $5.85, and during the day (based on 14 day Average True Range), to move between $5.78 and $5.86, which gives a possible trading interval of +/-$0.0445 (+/-0.76%) up or down from last closing price. If Nuveen Multi Market Income Fund Inc takes out the full calculated possible swing range there will be an estimated 1.53% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $5.87, some $0.0500 (0.86%) from the current price of $5.82, our system finds the risk reward not very attractive.
Is Nuveen Multi Market Income Fund Inc stock A Buy?
Nuveen Multi Market Income Fund Inc 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: -2.506 Sell Candidate Downgraded
Predicted Opening Price for Nuveen Multi Market Income Fund Inc of Wednesday, April 17, 2024
| Fair opening price April 17, 2024 | Current price |
|---|---|
| $5.85 ( 0.458%) | $5.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JMM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.93 | 1.83 % | |
| R2 | 5.90 | 1.31 % | ||
| R1 | 5.88 | 0.98 % | ||
| Current price: | 5.82 | |||
| Support | S1 | 5.82 | -0.0669 % | |
| S2 | 5.80 | -0.391 % | ||
| S3 | 5.77 | -0.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.04 | 3.78 % | |
| R2 | 5.96 | 2.41 % | ||
| R1 | 5.87 | 0.86 % | ||
| Current price | 5.82 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
JMM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 01, 2024 | Apr 12, 2024 | May 01, 2024 | $0.0275 | 0.473% |
| 2 | Mar 01, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.0275 | 0.452% |
| 3 | Feb 01, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.0275 | 0.459% |
| 4 | Jan 02, 2024 | Jan 11, 2024 | Feb 01, 2024 | $0.0275 | 0.451% |
| 5 | Dec 01, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.0275 | 0.465% |
FAQ
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