Nuveen Credit Strategies Income Fund Stock Forecast
Nuveen Credit Strategies Income Fund stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Nuveen Credit Strategies Income Fund stock price gained 0.92% on the last trading day (Tuesday, 23rd Apr 2024), rising from $5.46 to $5.51. 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 1.01% from a day low at $5.46 to a day high of $5.51. The price has fallen in 5 of the last 10 days and is down by -1.78% for this period. Volume fell on the last day by -21 thousand shares and in total, 389 thousand shares were bought and sold for approximately $2.15 million. 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 middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 3.65% during the next 3 months and, with a 90% probability hold a price between $5.57 and $5.94 at the end of this 3-month period.
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JQC Signals & Forecast
There are mixed signals in the stock today. The Nuveen Credit Strategies Income Fund stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $5.53. On a fall, the stock will find some support from the short-term average at $5.42. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 2.80%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. The stock had a Golden Star Signal on Thursday, November 30, 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, November 30, 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.
Support, Risk & Stop-loss for Nuveen Credit Strategies Income Fund stock
Nuveen Credit Strategies Income Fund finds support from accumulated volume at $5.40 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 $0.0550 between high and low, or 1.01%. For the last week the stock has had daily average volatility of 0.91%.
Our recommended stop-loss: $5.25 (-4.72%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (JQC) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Nuveen Credit Strategies Income Fund to open at $5.49, and during the day (based on 14 day Average True Range), to move between $5.45 and $5.57, which gives a possible trading interval of +/-$0.0579 (+/-1.05%) up or down from last closing price. If Nuveen Credit Strategies Income Fund takes out the full calculated possible swing range there will be an estimated 2.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.53 (0.36%) than the support at $5.40 (2.00%), 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 Nuveen Credit Strategies Income Fund stock A Buy?
Nuveen Credit Strategies Income Fund holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.936 Hold/Accumulate Downgraded
Predicted Opening Price for Nuveen Credit Strategies Income Fund of Wednesday, April 24, 2024
Fair opening price April 24, 2024 | Current price |
---|---|
$5.49 ( 0.333%) | $5.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JQC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.55 | 0.665 % | |
R2 | 5.53 | 0.284 % | ||
R1 | 5.51 | 0.0486 % | ||
Current price: | 5.51 | |||
Support | S1 | 5.47 | -0.714 % | |
S2 | 5.46 | -0.95 % | ||
S3 | 5.44 | -1.33 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 5.57 | 1.09 % | |
R2 | 5.55 | 0.726 % | ||
R1 | 5.53 | 0.363 % | ||
Current price | 5.51 | |||
Support | S1 | 5.40 | -2.00% | |
S2 | 5.38 | -2.36% | ||
S3 | 5.37 | -2.54% |
JQC Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 01, 2024 | Apr 12, 2024 | May 01, 2024 | $0.0540 | 0.98% |
2 | Mar 01, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.0540 | 0.97% |
3 | Feb 01, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.0540 | 0.97% |
4 | Jan 02, 2024 | Jan 11, 2024 | Feb 01, 2024 | $0.0540 | 0.99% |
5 | Dec 01, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.0540 | 1.03% |
FAQ
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