Nuveen Credit Strategies Income Fund Stock Forecast

Stronger technical forecast for Nuveen Credit Strategies Income Fund stock price after Friday trading.
(Updated on May 03, 2024)

JQC Signals & Forecast

Mostly positive signals in the chart today. The Nuveen Credit Strategies Income 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 $5.53 and $5.53. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 4.85%. 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 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.

Support, Risk & Stop-loss for Nuveen Credit Strategies Income Fund stock

Nuveen Credit Strategies Income Fund finds support from accumulated volume at $5.57 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 $0.0500 between high and low, or 0.90%. For the last week the stock has had daily average volatility of 1.21%.

Our recommended stop-loss: $5.38 (-4.22%) (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 13 days ago.)

Trading Expectations (JQC) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Nuveen Credit Strategies Income Fund to open at $5.60, and during the day (based on 14 day Average True Range), to move between $5.56 and $5.68, which gives a possible trading interval of +/-$0.0632 (+/-1.12%) 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 2.25% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $5.64 (0.36%) than the support at $5.57 (0.89%), 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 and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.

Current score: 5.871 Strong Buy Candidate Upgraded

Predicted Opening Price for Nuveen Credit Strategies Income Fund of Monday, May 6, 2024

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