FIRST TRUST SSI STRATEGIC CS ETF Forecast

Weaker technical forecast for FIRST TRUST SSI STRATEGIC CS as ETF downgraded to Sell Candidate.
(Updated on Apr 18, 2024)

FCVT Signals & Forecast

There are few to no technical positive signals at the moment. The FIRST TRUST SSI STRATEGIC CS 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 $33.09 and $33.57. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -4.71%. 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). FIRST TRUST SSI STRATEGIC CS 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".

Support, Risk & Stop-loss for FIRST TRUST SSI STRATEGIC CS ETF

FIRST TRUST SSI STRATEGIC CS finds support from accumulated volume at $32.54 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 very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.300 between high and low, or 0.92%. For the last week the ETF has had daily average volatility of 1.17%.

FIRST TRUST SSI STRATEGIC CS is oversold on RSI14 (12). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

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

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

For the upcoming trading day on Friday, 19th we expect FIRST TRUST SSI STRATEGIC CONVERTIBLE SECURITIES ETF to open at $32.67, and during the day (based on 14 day Average True Range), to move between $32.26 and $32.90, which gives a possible trading interval of +/-$0.320 (+/-0.98%) up or down from last closing price. If FIRST TRUST SSI STRATEGIC CONVERTIBLE SECURITIES ETF takes out the full calculated possible swing range there will be an estimated 1.96% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $32.54 (0.12%) than the resistance at $33.37 (2.42%), 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 SSI STRATEGIC CONVERTIBLE SECURITIES ETF ETF A Buy?

The FIRST TRUST SSI STRATEGIC CS ETF holds several negative signals and despite the positive trend, we believe FIRST TRUST SSI STRATEGIC CS will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.005 Sell Candidate Downgraded

Predicted Opening Price for FIRST TRUST SSI STRATEGIC CONVERTIBLE SECURITIES ETF of Friday, April 19, 2024

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