Nuveen Floating Rate Income Fund Stock Forecast
Nuveen Floating Rate Income Fund stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Apr 30, 2024)
The Nuveen Floating Rate Income Fund stock price fell by -0.116% on the last day (Tuesday, 30th Apr 2024) from $8.61 to $8.60. During the last trading day the stock fluctuated 0.467% from a day low at $8.57 to a day high of $8.61. The price has risen in 7 of the last 10 days and is up by 1.65% over the past 2 weeks. 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 -149 thousand shares and in total, 386 thousand shares were bought and sold for approximately $3.32 million.
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 Floating Rate Income Fund stock with a 90% probability to be traded between $8.59 and $8.95 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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JFR Signals & Forecast
There are few to no technical positive signals at the moment. The Nuveen Floating Rate Income 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 $8.61 and $8.65. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -0.578%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Monday, December 04, 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.
Golden Star 12 Months
The stock had a Golden Star Signal on Monday, December 04, 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.
A buy signal from a double bottom formation was found on Monday, April 15, 2024 with a target of $8.60. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.
Support, Risk & Stop-loss for Nuveen Floating Rate Income Fund stock
Nuveen Floating Rate Income Fund finds support from accumulated volume at $8.53 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 $0.0400 between high and low, or 0.467%. For the last week the stock has had daily average volatility of 0.723%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (JFR) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Nuveen Floating Rate Income Fund to open at $8.59, and during the day (based on 14 day Average True Range), to move between $8.53 and $8.67, which gives a possible trading interval of +/-$0.0710 (+/-0.83%) up or down from last closing price. If Nuveen Floating Rate Income Fund takes out the full calculated possible swing range there will be an estimated 1.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.63 (0.35%) than the support at $8.53 (0.81%), 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.
Earnings coming up
Nuveen Floating Rate Income Fund will release earnings BMO on Tuesday, May 07, 2024. We will update the financials statements for Nuveen Floating Rate Income Fund, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 0.95% in the first trading day after earnings release.
Is Nuveen Floating Rate Income Fund stock A Buy?
Nuveen Floating Rate Income Fund holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.057 Sell Candidate Downgraded
Predicted Opening Price for Nuveen Floating Rate Income Fund of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $8.59 ( 0.0775%) | $8.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JFR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.63 | 0.388 % | |
| R2 | 8.62 | 0.210 % | ||
| R1 | 8.61 | 0.100 % | ||
| Current price: | 8.60 | |||
| Support | S1 | 8.58 | -0.255 % | |
| S2 | 8.57 | -0.365 % | ||
| S3 | 8.55 | -0.543 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.68 | 0.93 % | |
| R2 | 8.65 | 0.581 % | ||
| R1 | 8.63 | 0.349 % | ||
| Current price | 8.60 | |||
| Support | S1 | 8.53 | -0.81% | |
| S2 | 8.46 | -1.63% | ||
| S3 | 8.45 | -1.74% |
JFR Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 01, 2024 | Apr 12, 2024 | May 01, 2024 | $0.0850 | 0.99% |
| 2 | Mar 14, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.0850 | 0.97% |
| 3 | Feb 01, 2024 | Feb 14, 2024 | Mar 01, 2024 | $0.0850 | 0.98% |
| 4 | Jan 02, 2024 | Jan 11, 2024 | Feb 01, 2024 | $0.0850 | 1.00% |
| 5 | Dec 01, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.0850 | 1.03% |
FAQ
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