First Trust North American Energy ETF Forecast

First Trust North American Energy ETF price up 0.596% on Thursday
(Updated on Apr 18, 2024)

EMLP Signals & Forecast

Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The First Trust North American Energy ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $28.76 and $28.92. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -3.14%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The ETF had a Golden Star Signal on Monday, June 05, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for First Trust North American Energy ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $27.22 and $26.88. 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, First Trust North American Energy finds support just below today's level at $27.22. If this is broken, then the next support from accumulated volume will be at $26.88 and $26.85.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.200 between high and low, or 0.700%. For the last week the ETF has had daily average volatility of 1.50%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (EMLP) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect First Trust North American Energy Infrastructure Fund to open at $28.68, and during the day (based on 14 day Average True Range), to move between $28.39 and $29.03, which gives a possible trading interval of +/-$0.324 (+/-1.13%) up or down from last closing price. If First Trust North American Energy Infrastructure Fund takes out the full calculated possible swing range there will be an estimated 2.26% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $28.81 (0.35%) than the support at $27.22 (5.19%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is First Trust North American Energy Infrastructure Fund ETF A Buy?

The First Trust North American Energy ETF holds several negative signals and despite the positive trend, we believe First Trust North American Energy will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.

Current score: -4.144 Sell Candidate Unchanged

Predicted Opening Price for First Trust North American Energy Infrastructure Fund of Friday, April 19, 2024

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