Could Nuveen California AMT-Free Quality Municipal Income Fund (NKX) See a Reversal After Having Formed Several Months Bearish Wedge Down

December 7, 2017 - By Hazel Jackson

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.
Asset Mgmt accumulated 343,723 shares. Tradewinds Capital Management Limited Com holds 0.01% or 1,375 shares in its portfolio. Security Tru reported 0.1% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Cambridge Investment Advisors reported 11,130 shares or 0% of all its holdings. Moreover, Advisory Service Network Ltd Liability Com has 0% invested in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX) for 1,926 shares. Ameriprise invested 0% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Envestnet Asset Mngmt stated it has 0% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Tortoise Invest Management Limited Liability Co holds 8,693 shares or 0.04% of its portfolio. Royal State Bank Of Canada holds 88,258 shares or 0% of its portfolio. Citigroup has 0% invested in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Pure Financial Advisors Inc has 0.04% invested in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Morgan Stanley holds 320,512 shares or 0% of its portfolio. Cetera Lc owns 11,825 shares for 0.01% of their portfolio. North Star Investment Management has 5,750 shares. Alethea Lc holds 27,776 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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