First Trust NASDAQ Global Auto Index ETF Forecast
First Trust NASDAQ Global Auto Index ETF upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on May 03, 2024)
The First Trust NASDAQ Global Auto Index ETF price gained 1.25% on the last trading day (Friday, 3rd May 2024), rising from $56.70 to $57.41. During the last trading day the ETF fluctuated 0.154% from a day low at $57.32 to a day high of $57.41. The price has risen in 7 of the last 10 days and is up by 7.41% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 132 more shares were traded than the day before. In total, 597 shares were bought and sold for approximately $34.27 thousand.
The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect First Trust NASDAQ Global Auto Index ETF with a 90% probability to be traded between $52.98 and $58.74 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CARZ Signals & Forecast
Mostly positive signals in the chart today. The First Trust NASDAQ Global Auto Index ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $56.25 and $57.11. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 7.41%. 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). First Trust NASDAQ Global Auto Index has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for First Trust NASDAQ Global Auto Index ETF
First Trust NASDAQ Global Auto Index finds support from accumulated volume at $56.80 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 $0.0880 between high and low, or 0.154%. For the last week, the ETF has had daily average volatility of 0.83%.
Our recommended stop-loss: $54.86 (-4.44%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (CARZ) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect First Trust NASDAQ Global Auto Index Fund to open at $57.38, and during the day (based on 14 day Average True Range), to move between $56.50 and $58.32, which gives a possible trading interval of +/-$0.91 (+/-1.59%) 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 3.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $56.80 (1.07%) than the resistance at $58.46 (1.83%), 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?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for First Trust NASDAQ Global Auto Index ETF to perform well in the short-term period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.
Current score: 1.378 Buy Candidate Upgraded
Predicted Opening Price for First Trust NASDAQ Global Auto Index Fund of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $57.38 ( 0.0511%) | $57.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CARZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.47 | 0.102 % | |
| R2 | 57.44 | 0.0436 % | ||
| R1 | 57.41 | 0.0075 % | ||
| Current price: | 57.41 | |||
| Support | S1 | 57.35 | -0.110 % | |
| S2 | 57.33 | -0.146 % | ||
| S3 | 57.29 | -0.204 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.48 | 3.61 % | |
| R2 | 58.87 | 2.54 % | ||
| R1 | 58.46 | 1.83 % | ||
| Current price | 57.41 | |||
| Support | S1 | 56.80 | -1.07% | |
| S2 | 56.75 | -1.15% | ||
| S3 | 54.55 | -4.98% |
CARZ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 22, 2023 | Dec 22, 2023 | Dec 29, 2023 | $0.223 | 0.392% |
| 2 | Sep 21, 2023 | Sep 22, 2023 | Sep 29, 2023 | $0.120 | 0.234% |
| 3 | Jun 26, 2023 | Jun 27, 2023 | Jun 30, 2023 | $0.348 | 0.623% |
| 4 | Mar 23, 2023 | Mar 24, 2023 | Mar 31, 2023 | $0.106 | 0.208% |
| 5 | Dec 22, 2022 | Dec 23, 2022 | Dec 30, 2022 | $0.236 | 0.582% |
FAQ
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