BlackRock Municipal Income Trust Stock Forecast
BlackRock Municipal Income Trust stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 18, 2024)
The BlackRock Municipal Income Trust stock price fell by -0.400% on the last day (Thursday, 18th Apr 2024) from $9.99 to $9.95. During the last trading day the stock fluctuated 0.705% from a day low at $9.93 to a day high of $10.00. The price has fallen in 6 of the last 10 days and is down by -2.36% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -10 thousand shares and in total, 72 thousand shares were bought and sold for approximately $711.44 thousand.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $9.94 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect BlackRock Municipal Income Trust stock with a 90% probability to be traded between $9.98 and $10.51 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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BFK Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.151%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The BlackRock Municipal Income Trust 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 $10.00 and $10.25. 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). 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 BlackRock Municipal Income Trust stock
BlackRock Municipal Income Trust finds support from accumulated volume at $9.94 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 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 $0.0700 between high and low, or 0.705%. For the last week the stock has had daily average volatility of 0.704%
BlackRock Municipal Income Trust is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $9.30 (-6.53%) (This stock has low daily movements and this gives low risk. Low RSI14 is 21 which reduces the risk some. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (BFK) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect BlackRock Municipal Income Trust to open at $9.96, and during the day (based on 14 day Average True Range), to move between $9.87 and $10.03, which gives a possible trading interval of +/-$0.0817 (+/-0.82%) up or down from last closing price. If BlackRock Municipal Income Trust takes out the full calculated possible swing range there will be an estimated 1.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $9.94 (0.10%) than the resistance at $10.11 (1.61%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BlackRock Municipal Income Trust stock A Buy?
BlackRock Municipal Income Trust 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. 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: -0.274 Hold/Accumulate Downgraded
Predicted Opening Price for BlackRock Municipal Income Trust of Friday, April 19, 2024
Fair opening price April 19, 2024 | Current price |
---|---|
$9.96 ( 0.101%) | $9.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BFK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 10.03 | 0.80 % | |
R2 | 10.00 | 0.535 % | ||
R1 | 9.99 | 0.369 % | ||
Current price: | 9.95 | |||
Support | S1 | 9.93 | -0.168 % | |
S2 | 9.92 | -0.334 % | ||
S3 | 9.89 | -0.603 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 10.31 | 3.62 % | |
R2 | 10.25 | 3.02 % | ||
R1 | 10.11 | 1.61 % | ||
Current price | 9.95 | |||
Support | S1 | 9.94 | -0.101% | |
S2 | 9.94 | -0.151% | ||
S3 | 9.88 | -0.704% |
BFK Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 01, 2024 | Apr 12, 2024 | May 01, 2024 | $0.0500 | 0.503% |
2 | Mar 01, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.0500 | 0.488% |
3 | Nov 17, 2023 | Feb 14, 2024 | Mar 01, 2024 | $0.0500 | 0.483% |
4 | Nov 14, 2023 | Jan 11, 2024 | Feb 01, 2024 | $0.0500 | 0.485% |
5 | Nov 14, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.0500 | 0.497% |
FAQ
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