PIMCO California Municipal Income Fund Stock Forecast
PIMCO California Municipal Income Fund stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on Mar 28, 2024)
The PIMCO California Municipal Income Fund stock price gained 0.429% on the last trading day (Thursday, 28th Mar 2024), rising from $9.32 to $9.36. During the last trading day the stock fluctuated 0.97% from a day low at $9.31 to a day high of $9.40. The price has fallen in 4 of the last 10 days but is still up by 0.32% 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, 31 thousand more shares were traded than the day before. In total, 102 thousand shares were bought and sold for approximately $953.05 thousand.
The stock is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $9.30 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect PIMCO California Municipal Income Fund stock with a 90% probability to be traded between $9.47 and $9.87 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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PCQ Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, March 20, 2024, and so far it has risen 0.86%. Further rise is indicated until a new top pivot has been found. PIMCO California Municipal Income Fund 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The PIMCO California Municipal Income Fund stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $9.47. On a fall, the stock will find some support from the short-term average at $9.32. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for PIMCO California Municipal Income Fund stock
PIMCO California Municipal Income Fund finds support from accumulated volume at $9.33 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 $0.0900 between high and low, or 0.97%. For the last week the stock has had daily average volatility of 0.87%.
Our recommended stop-loss: $8.78 (-6.24%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (PCQ) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect PIMCO California Municipal Income Fund to open at $9.36, and during the day (based on 14 day Average True Range), to move between $9.27 and $9.45, which gives a possible trading interval of +/-$0.0896 (+/-0.96%) up or down from last closing price. If PIMCO California Municipal Income Fund takes out the full calculated possible swing range there will be an estimated 1.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9.38 (0.21%) than the support at $9.33 (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 PIMCO California Municipal Income Fund stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for PIMCO California Municipal Income Fund stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.292 Buy Candidate Upgraded
Predicted Opening Price for PIMCO California Municipal Income Fund of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$9.36 ( 0.0356%) | $9.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PCQ
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 9.45 | 0.93 % | |
R2 | 9.41 | 0.559 % | ||
R1 | 9.39 | 0.332 % | ||
Current price: | 9.36 | |||
Support | S1 | 9.32 | -0.403 % | |
S2 | 9.30 | -0.630 % | ||
S3 | 9.27 | -1.00 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 9.56 | 2.14 % | |
R2 | 9.54 | 1.92 % | ||
R1 | 9.38 | 0.214 % | ||
Current price | 9.36 | |||
Support | S1 | 9.33 | -0.321% | |
S2 | 9.32 | -0.427% | ||
S3 | 9.28 | -0.85% |
PCQ Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 08, 2024 | Mar 08, 2024 | Apr 01, 2024 | $0.0360 | 0.385% |
2 | Feb 01, 2024 | Feb 09, 2024 | Mar 01, 2024 | $0.0360 | 0.375% |
3 | Jan 11, 2024 | Jan 11, 2024 | Feb 01, 2024 | $0.0360 | 0.377% |
4 | Dec 01, 2023 | Dec 08, 2023 | Jan 02, 2024 | $0.0360 | 0.385% |
5 | Nov 01, 2023 | Nov 10, 2023 | Dec 01, 2023 | $0.0360 | 0.385% |
FAQ
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