First Trust NASDAQ Global Auto Index ETF Forecast

First Trust NASDAQ Global Auto Index ETF downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 25, 2024)

CARZ Signals & Forecast

There are mixed signals in the ETF today. The First Trust NASDAQ Global Auto Index ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $57.50. On a fall, the ETF will find some support from the short-term average at $54.53. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). First Trust NASDAQ Global Auto Index gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 3.05%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for First Trust NASDAQ Global Auto Index ETF

First Trust NASDAQ Global Auto Index finds support from accumulated volume at $55.08 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.81 between high and low, or 1.48%. For the last week, the ETF has had daily average volatility of 1.40%.

Our recommended stop-loss: $52.72 (-4.28%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (CARZ) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect First Trust NASDAQ Global Auto Index Fund to open at $55.04, and during the day (based on 14 day Average True Range), to move between $54.23 and $55.93, which gives a possible trading interval of +/-$0.85 (+/-1.54%) up or down from last closing price. If First Trust NASDAQ Global Auto Index Fund takes out the full calculated possible swing range there will be an estimated 3.08% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $55.08 (0.01%) than the resistance at $58.46 (6.14%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is First Trust NASDAQ Global Auto Index Fund ETF A Buy?

First Trust NASDAQ Global Auto Index holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.033 Hold/Accumulate Downgraded

Predicted Opening Price for First Trust NASDAQ Global Auto Index Fund of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.