What’s Ahead for Nuveen California AMT-Free Quality Municipal Income Fund (NKX) After Forming Wedge Down Chart Pattern?

December 7, 2017 - By Adrian Erickson

Investors sentiment decreased to 0.73 in 2017 Q2. Its down 0.21, from 0.94 in 2017Q1. It dived, as 3 investors sold Nuveen California AMT-Free Quality Municipal Income Fund shares while 12 reduced holdings. 4 funds opened positions while 7 raised stakes. 2.74 million shares or 5.08% less from 2.88 million shares in 2017Q1 were reported.
Diligent Ltd Liability Co owns 0.22% invested in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX) for 20,218 shares. Tortoise Inv Ltd Liability Corp holds 8,693 shares or 0.04% of its portfolio. 21,875 are held by Creative Planning. First Tru Advsr Ltd Partnership holds 0% or 11,879 shares. Citigroup Inc has invested 0% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). North Star Inv Mgmt accumulated 5,750 shares. Apriem Advsrs accumulated 0.56% or 135,474 shares. Atlantic Trust Grp Limited Liability has invested 0% of its portfolio in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). 1,023 were reported by Gemmer Asset Mgmt Ltd Llc. Invesco Ltd owns 226,414 shares. First Allied Advisory Inc holds 31,174 shares. The Colorado-based Cetera Advsrs Ltd has invested 0.01% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). 88,258 were reported by Royal Bankshares Of Canada. Moreover, Bank & Trust Of America De has 0% invested in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX) for 159,146 shares. Boston Advsrs Limited Liability holds 0% of its portfolio in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX) for 11,272 shares.

The stock of Nuveen California AMT-Free Quality Municipal Income Fund (NKX) formed a down wedge with $14.66 target or 6.00 % below today’s $15.60 share price. The 7 months wedge indicates high risk for the $744.91 million company. If the $14.66 price target is reached, the company will be worth $44.69 million less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

The stock increased 0.52% or $0.08 during the last trading session, reaching $15.6. About 50,847 shares traded. Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX) has declined 6.25% since December 8, 2016 and is downtrending. It has underperformed by 22.95% the S&P500.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.