Invesco Quality Municipal Income Trust (IQI) Stock Faces Higher Risks Forward After Forming Bearish Ascending Triangle Pattern

September 8, 2018 - By Richard Slagle

Investors sentiment decreased to 1.38 in Q1 2018. Its down 0.10, from 1.48 in 2017Q4. It dived, as 5 investors sold Invesco Quality Municipal Income Trust shares while 16 reduced holdings. 11 funds opened positions while 18 raised stakes. 7.50 million shares or 2.67% more from 7.31 million shares in 2017Q4 were reported.
Laurion Cap Management Lp holds 0% or 43,463 shares in its portfolio. Mackay Shields Limited Liability Corporation reported 99,857 shares. Accuvest Advisors stated it has 34,590 shares or 0.3% of all its holdings. Moreover, West Family Invests Inc has 0.1% invested in Invesco Quality Municipal Income Trust (NYSE:IQI). Wells Fargo Mn has 0% invested in Invesco Quality Municipal Income Trust (NYSE:IQI). Pnc Fin Ser Group reported 123,652 shares. Plante Moran Financial Limited, a Michigan-based fund reported 200 shares. Mariner Invest Limited Liability Corp reported 58,928 shares. 67,621 are owned by Rmb Capital Management Ltd Liability Com. 11,554 were accumulated by Bremer Natl Association. Millennium Mngmt Llc reported 0% stake. Oppenheimer reported 10,000 shares or 0% of all its holdings. Jfs Wealth reported 199,640 shares. Fincl Mngmt has invested 0.01% in Invesco Quality Municipal Income Trust (NYSE:IQI). Robinson Capital Llc reported 2.45% of its portfolio in Invesco Quality Municipal Income Trust (NYSE:IQI).

The stock of Invesco Quality Municipal Income Trust (IQI) formed an ascending triangle with $11.56 target or 3.00 % below today’s $11.92 share price. The 9 months triangle pattern indicates high risk for the $630.38M company. If the $11.56 price target is reached, the company will be worth $18.91 million less.
The ascending triangle is a questionable performer despite its reputation as a reliable chart pattern. The ascending triangle has break even failure rate for up and down breakouts of 13% and 11%, respectively. The average rise and decline is 35% and 19%. The throwback or so called pullback rates are: 57% and 49%. The stocks meeting their targets is high for this type of breakout: 75% and 68% percent.

The stock decreased 0.33% or $0.04 during the last trading session, reaching $11.92. About 97,255 shares traded or 3.61% up from the average. Invesco Quality Municipal Income Trust (NYSE:IQI) has declined 5.40% since September 8, 2017 and is downtrending. It has underperformed by 17.97% the S&P500.

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