Nuveen Dividend Advantage Municipal Fund Stock Forecast

Nuveen Dividend Advantage Municipal Fund stock upgraded to Hold/Accumulate.
(Updated on Apr 17, 2024)

NAD Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 0.640%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nuveen Dividend Advantage Municipal Fund 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 $11.03 and $11.27. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Thursday, March 28, 2024 and based on theory for this formation the price should fall by -0.85% to $10.92 within 39 trading days since signal was issued (Thursday, April 18, 2024).

Support, Risk & Stop-loss for Nuveen Dividend Advantage Municipal Fund stock

Nuveen Dividend Advantage Municipal Fund finds support from accumulated volume at $10.94 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 $0.0699 between high and low, or 0.639%. For the last week the stock has had daily average volatility of 0.85%.

Our recommended stop-loss: $10.38 (-5.73%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (NAD) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Nuveen Dividend Advantage Municipal Fund to open at $10.99, and during the day (based on 14 day Average True Range), to move between $10.91 and $11.11, which gives a possible trading interval of +/-$0.0989 (+/-0.90%) 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 1.80% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $10.94 (0.64%) than the resistance at $11.20 (1.73%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Nuveen Dividend Advantage Municipal Fund stock A Buy?

Nuveen Dividend Advantage Municipal Fund holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.951 Hold/Accumulate Upgraded

Predicted Opening Price for Nuveen Dividend Advantage Municipal Fund of Thursday, April 18, 2024

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