Nuveen Municipal Income Fund Inc Stock Forecast
Weaker technical forecast for Nuveen Municipal Income Fund Inc as stock downgraded to Hold/Accumulate.
(Updated on May 06, 2024)
The Nuveen Municipal Income Fund Inc stock price gained 0.431% on the last trading day (Monday, 6th May 2024), rising from $9.29 to $9.33. It has now gained 4 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 1.72% from a day low at $9.29 to a day high of $9.45. The price has risen in 6 of the last 10 days and is up by 1.74% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 thousand more shares were traded than the day before. In total, 27 thousand shares were bought and sold for approximately $255.06 thousand.
The stock is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Nuveen Municipal Income Fund Inc stock with a 90% probability to be traded between $9.02 and $9.36 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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NMI Signals & Forecast
The Nuveen Municipal Income Fund Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $9.21 and $9.28. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 2.41%. 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). Nuveen Municipal Income Fund Inc has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The stock had a Golden Star Signal on Thursday, May 02, 2024 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, May 02, 2024 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 buy signal from a double bottom formation was found on Monday, April 15, 2024 and based on theory for this formation the price should go up by 4.46% to $9.75 within 29 trading days since signal was issued (Tuesday, May 07, 2024).
Support, Risk & Stop-loss for Nuveen Municipal Income Fund Inc stock
Nuveen Municipal Income Fund Inc finds support from accumulated volume at $9.30 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 $0.160 between high and low, or 1.72%. For the last week the stock has had daily average volatility of 1.38%.
Our recommended stop-loss: $8.82 (-5.42%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (NMI) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Nuveen Municipal Income Fund Inc to open at $9.36, and during the day (based on 14 day Average True Range), to move between $9.22 and $9.44, which gives a possible trading interval of +/-$0.113 (+/-1.21%) up or down from last closing price. If Nuveen Municipal Income Fund Inc takes out the full calculated possible swing range there will be an estimated 2.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9.35 (0.21%) than the support at $9.30 (0.32%), 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 Municipal Income Fund Inc stock A Buy?
Nuveen Municipal Income Fund Inc 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: -0.772 Hold/Accumulate Downgraded
Predicted Opening Price for Nuveen Municipal Income Fund Inc of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $9.36 ( 0.286%) | $9.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NMI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.52 | 2.00 % | |
| R2 | 9.46 | 1.35 % | ||
| R1 | 9.42 | 0.94 % | ||
| Current price: | 9.33 | |||
| Support | S1 | 9.30 | -0.369 % | |
| S2 | 9.26 | -0.774 % | ||
| S3 | 9.20 | -1.43 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.38 | 0.536 % | |
| R2 | 9.37 | 0.429 % | ||
| R1 | 9.35 | 0.214 % | ||
| Current price | 9.33 | |||
| Support | S1 | 9.30 | -0.322% | |
| S2 | 9.24 | -0.96% | ||
| S3 | 9.15 | -1.93% |
NMI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 14, 2024 | May 14, 2024 | Jun 03, 2024 | $0.0360 | 0.386% |
| 2 | Apr 01, 2024 | Apr 12, 2024 | May 01, 2024 | $0.0360 | 0.391% |
| 3 | Mar 14, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.0360 | 0.385% |
| 4 | Feb 01, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.0340 | 0.370% |
| 5 | Jan 02, 2024 | Jan 11, 2024 | Feb 01, 2024 | $0.0340 | 0.361% |
FAQ
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