Calamos Alternative Nasdaq & Bond Etf ETF Forecast

Green day on Tuesday for Calamos Alternative Nasdaq & Bond Etf ETF after gaining 0.137%
(Updated on Jun 18, 2024)

CANQ Signals & Forecast

The Calamos Alternative Nasdaq & Bond Etf ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $26.37 and $25.76. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 07, 2024, and so far it has risen 5.35%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Calamos Alternative Nasdaq & Bond Etf ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $25.62 and $25.60. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Calamos Alternative Nasdaq & Bond Etf finds support just below today's level at $25.62. If this is broken, then the next support from accumulated volume will be at $25.60 and $25.22.

In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.81 between high and low, or 3.11%. For the last week the ETF has had daily average volatility of 1.57%

The Calamos Alternative Nasdaq & Bond Etf ETF is extremely overbought on RSI14 (88). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken. Since the Calamos Alternative Nasdaq & Bond Etf has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: $26.01 (-3.56%) (This ETF has low daily movements and this gives low risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (CANQ) For The Upcoming Trading Day Of Thursday 20th

For the upcoming trading day on Thursday, 20th we expect Calamos Alternative Nasdaq & Bond Etf to open at $26.70, and during the day (based on 14 day Average True Range), to move between $26.67 and $27.27, which gives a possible trading interval of +/-$0.304 (+/-1.13%) up or down from last closing price. If Calamos Alternative Nasdaq & Bond Etf takes out the full calculated possible swing range there will be an estimated 2.25% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $25.62, some $1.35 (5.00%) from the current price of $26.97, our system finds the risk reward attractive.

Is Calamos Alternative Nasdaq & Bond Etf ETF A Buy?

Calamos Alternative Nasdaq & Bond Etf 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.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Calamos Alternative Nasdaq & Bond Etf of Thursday, June 20, 2024

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