PIMCO California Municipal Income Fund Stock Forecast
Green day on Thursday for PIMCO California Municipal Income Fund
(Updated on Apr 25, 2024)
The PIMCO California Municipal Income Fund stock price gained 0.792% on the last trading day (Thursday, 25th Apr 2024), rising from £101.00 to £101.80. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 4.76% from a day low at £99.27 to a day high of £104.00. The price has risen in 7 of the last 10 days and is up by 18.37% over the past 2 weeks. Volume fell on the last day by -906 thousand shares and in total, 1 million shares were bought and sold for approximately £110.52 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the stock is expected to fall -26.68% during the next 3 months and, with a 90% probability hold a price between £57.71 and £74.64 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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PZC.L Signals & Forecast
The PIMCO California Municipal Income Fund 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 £93.61 and £89.69. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 22.80%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for PIMCO California Municipal Income Fund stock
PIMCO California Municipal Income Fund finds support from accumulated volume at £100.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved £4.73 between high and low, or 4.76%. For the last week, the stock has had daily average volatility of 4.75%.
The PIMCO California Municipal Income Fund stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs. Since the PIMCO California Municipal Income Fund has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: £98.87 (-2.88%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (PZC.L) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect PIMCO California Municipal Income Fund III to open at £101.69, and during the day (based on 14 day Average True Range), to move between £97.98 and £105.62, which gives a possible trading interval of +/-£3.82 (+/-3.75%) up or down from last closing price. If PIMCO California Municipal Income Fund III takes out the full calculated possible swing range there will be an estimated 7.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £103.00 (1.18%) than the support at £100.40 (1.38%), 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 III stock A Buy?
PIMCO California Municipal Income Fund 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for PIMCO California Municipal Income Fund III of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| £101.69 ( 0.108%) | £101.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PZC.L
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 106.42 | 4.54 % | |
| R2 | 104.61 | 2.76 % | ||
| R1 | 103.50 | 1.67 % | ||
| Current price: | 101.80 | |||
| Support | S1 | 99.88 | -1.88 % | |
| S2 | 98.77 | -2.98 % | ||
| S3 | 96.96 | -4.75 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 125.00 | 22.79 % | |
| R2 | 107.00 | 5.11 % | ||
| R1 | 103.00 | 1.18 % | ||
| Current price | 101.80 | |||
| Support | S1 | 100.40 | -1.38% | |
| S2 | 100.00 | -1.77% | ||
| S3 | 97.50 | -4.22% |
PZC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 07, 2024 | Mar 07, 2024 | Apr 04, 2024 | £1.50 | 1.70% |
| 2 | Nov 02, 2023 | Nov 02, 2023 | Nov 02, 2023 | £3.73 | 2.80% |
| 3 | Feb 08, 2023 | Mar 09, 2023 | Apr 06, 2023 | £2.67 | 1.43% |
| 4 | Sep 22, 2022 | Oct 20, 2022 | Nov 30, 2022 | £3.73 | 1.80% |
| 5 | Feb 09, 2022 | Mar 10, 2022 | Apr 07, 2022 | £2.67 | 1.34% |
FAQ
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