First Trust MLP and Energy Income Fund Stock Forecast

First Trust MLP and Energy Income Fund stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on May 07, 2024)

FEI Signals & Forecast

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 $9.78 and $9.66. 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 Monday, May 06, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

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 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 stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.01%

Our recommended stop-loss: $9.49 (-3.48%) (This stock has low daily movements and this gives low risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (FEI) For The Upcoming Trading Day Of Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect First Trust MLP and Energy Income Fund to open at $9.83, and during the day (based on 14 day Average True Range), to move between $9.71 and $9.95, which gives a possible trading interval of +/-$0.121 (+/-1.23%) 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 2.46% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $9.65, some $0.180 (1.83%) from the current price of $9.83, our system finds the risk reward attractive.

Is First Trust MLP and Energy Income Fund stock A Buy?

First Trust MLP and Energy Income Fund holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for First Trust MLP and Energy Income Fund of Wednesday, May 8, 2024

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