First Trust MLP and Energy Income Fund Stock Forecast

Red day on Friday for First Trust MLP and Energy Income Fund
(Updated on Apr 26, 2024)

FEI Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -0.204%. 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 MLP and Energy Income Fund 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". The First Trust MLP and Energy Income Fund stock 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 $9.73 and $9.57. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for First Trust MLP and Energy Income Fund stock

First Trust MLP and Energy Income Fund finds support from accumulated volume at $9.65 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.0620 between high and low, or 0.635%. For the last week the stock has had daily average volatility of 1.30%.

Our recommended stop-loss: $9.49 (-3.02%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (FEI) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect First Trust MLP and Energy Income Fund to open at $9.79, and during the day (based on 14 day Average True Range), to move between $9.66 and $9.92, which gives a possible trading interval of +/-$0.134 (+/-1.37%) up or down from last closing price. If First Trust MLP and Energy Income Fund takes out the full calculated possible swing range there will be an estimated 2.75% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $9.81 (0.20%) than the support at $9.65 (1.43%), 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 MLP and Energy Income Fund stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for First Trust MLP and Energy Income Fund stock to perform well in the short-term.

Current score: 1.781 Buy Candidate Unchanged

Predicted Opening Price for First Trust MLP and Energy Income Fund of Monday, April 29, 2024

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