Nuveen California AMT-Free Municipal Stock Forecast

Nuveen California AMT-Free Municipal stock upgraded to Buy Candidate.
(Updated on Apr 19, 2024)

NKX Signals & Forecast

The Nuveen California AMT-Free Municipal 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 $11.89 and $11.86. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -2.13%. 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). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for Nuveen California AMT-Free Municipal stock

Nuveen California AMT-Free Municipal 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 $0.110 between high and low, or 0.92%. For the last week the stock has had daily average volatility of 1.26%

Our recommended stop-loss: $11.43 (-4.52%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 14 days ago.)

Trading Expectations (NKX) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Nuveen California AMT-Free Municipal Income Fund to open at $11.99, and during the day (based on 14 day Average True Range), to move between $11.84 and $12.10, which gives a possible trading interval of +/-$0.125 (+/-1.05%) up or down from last closing price. If Nuveen California AMT-Free Municipal Income Fund takes out the full calculated possible swing range there will be an estimated 2.09% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $12.10 (1.09%) than the support at $11.69 (2.34%), 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 California AMT-Free Municipal Income Fund stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Nuveen California AMT-Free Municipal stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.615 Buy Candidate Upgraded

Predicted Opening Price for Nuveen California AMT-Free Municipal Income Fund of Monday, April 22, 2024

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