What’s Propelling Nuveen Municipal Credit Income Fund (NZF) to Decrease? The Stock Formed a Multiple Bottom

June 26, 2018 - By marketbeat

The stock of Nuveen Municipal Credit Income Fund (NZF) shows a multiple bottoms pattern with $13.46 target or 6.00 % below today’s $14.32 share price. The 9 months chart pattern indicates high risk for the $2.04B company. It was reported on Jun, 26 by Finviz.com. If the $13.46 price target is reached, the company will be worth $122.10M less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock decreased 0.28% or $0.04 during the last trading session, reaching $14.32. About 207,986 shares traded. Nuveen Municipal Credit Income Fund (NYSE:NZF) has declined 2.97% since June 26, 2017 and is downtrending. It has underperformed by 15.54% the S&P500.

Nuveen Municipal Credit Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc. The company has market cap of $2.04 billion. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It has a 24.19 P/E ratio. It invests in the fixed income markets of the United States.

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