Fidelity Covington Trust - Fidelity ETF Forecast

Fidelity Covington Trust - Fidelity ETF upgraded to Buy Candidate.
(Updated on May 17, 2024)

FCLD Signals & Forecast

The Fidelity Covington Trust - Fidelity 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 $24.27 and $24.05. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -0.85%. Further fall is indicated until a new bottom pivot has been found. 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 also not.

Support, Risk & Stop-loss for Fidelity Covington Trust - Fidelity ETF

Fidelity Covington Trust - Fidelity finds support from accumulated volume at $24.64 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have controlled movements and therefore the general risk is considered 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 $0.270 between high and low, or 1.10%. For the last week the ETF has had daily average volatility of 1.24%.

Our recommended stop-loss: $23.78 (-3.61%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (FCLD) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Fidelity Covington Trust - Fidelity Cloud Computing ETF to open at $24.69, and during the day (based on 14 day Average True Range), to move between $24.23 and $25.11, which gives a possible trading interval of +/-$0.444 (+/-1.80%) up or down from last closing price. If Fidelity Covington Trust - Fidelity Cloud Computing ETF takes out the full calculated possible swing range there will be an estimated 3.60% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $24.64 (0.12%) than the resistance at $24.92 (1.01%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Fidelity Covington Trust - Fidelity Cloud Computing ETF ETF A Buy?

Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.840 Buy Candidate Upgraded

Predicted Opening Price for Fidelity Covington Trust - Fidelity Cloud Computing ETF of Monday, May 20, 2024

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