Will Nuveen California AMT-Free Quality Municipal Income Fund (NKX) Short Squeeze Soon? The Stock Formed a Bearish Wedge Down

December 7, 2017 - By Hazel Jackson

Investors sentiment decreased to 0.73 in Q2 2017. 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.
The Illinois-based North Star Invest Corp has invested 0.01% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). First Tru Advsrs L P reported 11,879 shares. Cetera Advsr Lc holds 0.01% or 11,825 shares in its portfolio. Moreover, Alethea Capital Limited Liability Corporation has 0.25% invested in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Stratos Wealth Limited reported 0.02% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Tortoise Inv Mgmt Ltd Liability Co holds 8,693 shares. Gemmer Asset Mngmt Lc reported 0.01% of its portfolio in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Wells Fargo & Communication Mn invested in 0% or 264,035 shares. Creative Planning holds 0% or 21,875 shares. 30,827 are owned by Northern Trust. Blume Mngmt has invested 0.02% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX). Whittier Trust Co reported 0.03% stake. Advisory Networks Llc owns 0% invested in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX) for 1,926 shares. 226,414 are held by Invesco. California-based Cetera Advisor Net Limited Company has invested 0.01% in Nuveen California AMT-Free Quality Municipal Income Fund (NYSE:NKX).

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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