Nuveen Quality Preferred Income Fund II (NYSE:JPS) traded in a range yesterday that spanned from a low of $7.60 to a high of $7.77. Yesterday, the shares gained 1.36%, which took the trading range above the 3-day high of $7.65 on volume of 274,000 shares.
Shares of Nuveen Quality Preferred Income Fund II are currently trading above their 50-day moving average (MA) of $7.34 and above their 200-day MA of $7.35. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Nuveen Quality Preferred Income Fund II and our subscribers were alerted to Buy on July 07, 2010 at $7.60. The stock has risen 2% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $7.65 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Closed End Fund- Debt industry.