Fidelity Covington Trust - Disruptive ETF Forecast
Stronger technical forecast for Fidelity Covington Trust - Disruptive ETF price after Wednesday trading.
(Updated on Jul 03, 2024)
The Fidelity Covington Trust - Disruptive ETF price gained 4.12% on the last trading day (Wednesday, 3rd Jul 2024), rising from $35.45 to $36.91. During the last trading day the ETF fluctuated 4.06% from a day low at $35.47 to a day high of $36.91. The price has been going up and down for this period, and there has been a 3.74% gain for the last 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 3 thousand shares were bought and sold for approximately $121.14 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the upper part of a strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $37.32 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 17.73% during the next 3 months and, with a 90% probability hold a price between $40.57 and $43.94 at the end of this 3-month period.
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FDCF Signals & Forecast
The Fidelity Covington Trust - Disruptive 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 $35.62 and $34.84. 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 23.69%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 - Disruptive ETF
Fidelity Covington Trust - Disruptive finds support from accumulated volume at $35.39 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 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 $1.44 between high and low, or 4.06%. For the last week the ETF has had daily average volatility of 1.51%
Our recommended stop-loss: $35.79 (-3.04%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 81 days ago.)
Trading Expectations (FDCF) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect Fidelity Covington Trust - Disruptive Communications Etf to open at $36.43, and during the day (based on 14 day Average True Range), to move between $36.52 and $37.30, which gives a possible trading interval of +/-$0.394 (+/-1.07%) up or down from last closing price. If Fidelity Covington Trust - Disruptive Communications Etf takes out the full calculated possible swing range there will be an estimated 2.14% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $35.39, some $1.52 (4.12%) from the current price of $36.91, our system finds the risk reward attractive.
Is Fidelity Covington Trust - Disruptive Communications Etf ETF A Buy?
Fidelity Covington Trust - Disruptive holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.403 Strong Buy Candidate Upgraded
Predicted Opening Price for Fidelity Covington Trust - Disruptive Communications Etf of Friday, July 5, 2024
| Fair opening price July 5, 2024 | Current price |
|---|---|
| $36.43 ( 1.30%) | $36.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FDCF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 37.87 | 2.60% |
| R2 | 37.32 | 1.11% |
| R1 | 36.98 | 0.190% |
| Price | 36.91 | |
| S1 | 35.88 | -2.79% |
| S2 | 35.54 | -3.71% |
| S3 | 34.99 | -5.20% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 36.91 | |
| S1 | 35.39 | -4.12% |
| S2 | 35.35 | -4.23% |
| S3 | 34.92 | -5.39% |
FAQ
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