Nuveen Texas Quality Municipal (NTX) Draws Bullish Attention After Forming Descending Triangle

September 8, 2018 - By Carolyn Hewitt

Investors sentiment increased to 2 in Q1 2018. Its up 0.50, from 1.5 in 2017Q4. It increased, as 3 investors sold Nuveen Texas Quality Municipal shares while 2 reduced holdings. 7 funds opened positions while 3 raised stakes. 253,484 shares or 77.54% more from 142,773 shares in 2017Q4 were reported.
Robinson Mgmt Limited holds 0.18% of its portfolio in Nuveen Texas Quality Municipal (NYSE:NTX) for 45,300 shares. Sei Invs Co holds 0% or 646 shares in its portfolio. Whittier Company Of Nevada has invested 0.02% in Nuveen Texas Quality Municipal (NYSE:NTX). Cambridge Invest holds 22,065 shares. Morgan Stanley owns 5,761 shares or 0% of their US portfolio. The Ohio-based Fifth Third Bankshares has invested 0% in Nuveen Texas Quality Municipal (NYSE:NTX). Wolverine Asset Mgmt Limited Company reported 0% of its portfolio in Nuveen Texas Quality Municipal (NYSE:NTX). Landscape Management Ltd Limited Liability Company accumulated 0.02% or 17,644 shares. Laurion Management Lp invested in 0.01% or 54,050 shares. Moreover, Whittier Com has 0% invested in Nuveen Texas Quality Municipal (NYSE:NTX). Fruth Invest reported 17,300 shares. Wells Fargo And Mn, a California-based fund reported 10,374 shares. 15,000 are owned by Fort Washington Inv Advsr Oh. Pnc Financial Services Group Inc Inc invested in 1,000 shares or 0% of the stock. Bancorp Of America Corp De invested in 8,297 shares.

The stock of Nuveen Texas Quality Municipal (NTX) formed a descending triangle with $13.25 target or 5.00 % above today’s $12.62 share price. The 9 months triangle pattern indicates low risk for the $126.54 million company. If the $13.25 price target is reached, the company will be worth $6.33M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

It closed at $12.62 lastly. It is up 9.83% since September 8, 2017 and is downtrending. It has underperformed by 22.40% the S&P500.

Nuveen Texas Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc. The company has market cap of $126.54 million. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It has a 29.08 P/E ratio. It invests in the fixed income markets of Texas.

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