What’s in Nuveen California AMT-Free Quality Municipal Income Fund (NKX) After Forming Bearish Wedge Down?

December 7, 2017 - By Marie Mckinney

Investors sentiment decreased to 0.73 in 2017 Q2. Its down 0.21, from 0.94 in 2017Q1. It dropped, 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.
Advsrs Asset Mgmt Inc invested 0.09% of its portfolio in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). 1,375 were accumulated by Tradewinds Mngmt Limited Liability Company. 11,825 were reported by Cetera Advsrs Limited. Hollencrest Secs Ltd reported 17,086 shares. Creative Planning, a Kansas-based fund reported 21,875 shares. Cambridge Investment Advisors stated it has 11,130 shares. Tortoise Management Ltd Liability Com has 8,693 shares. Raymond James & invested in 0% or 64,919 shares. Guggenheim Limited holds 456,456 shares. Apriem Advisors holds 135,474 shares or 0.56% of its portfolio. Security National Tru has invested 0.1% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). First Trust Advsr L P has invested 0% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Royal Retail Bank Of Canada holds 0% of its portfolio in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX) for 88,258 shares. Fincl Bank Of America De has 159,146 shares for 0% of their portfolio. Whittier Trust Com holds 46,118 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.

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