Fidelity Covington Trust - Disruptive ETF Forecast
Red day on Monday for Fidelity Covington Trust - Disruptive ETF after losing 1.30%
(Updated on Jun 17, 2024)
The Fidelity Covington Trust - Disruptive ETF price fell by -1.30% on the last day (Monday, 17th Jun 2024) from $23.85 to $23.54. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 0.93% from a day low at $23.53 to a day high of $23.75. The price has fallen in 6 of the last 10 days and is down by -0.42% for this period. Volume has increased on the last day by 2 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 8 thousand shares were bought and sold for approximately $184.58 thousand.
The ETF lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -4.82% during the next 3 months and, with a 90% probability hold a price between $21.63 and $23.16 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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FMED Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 0.384%. Further rise is indicated until a new top pivot has been found. 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. The Fidelity Covington Trust - Disruptive 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 $23.89 and $24.11. A break-up above any of these levels will issue buy signals. Fidelity Covington Trust - Disruptive 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".
A buy signal from a double bottom formation was found on Thursday, May 30, 2024 and based on theory for this formation the price should go up by 10.29% to $25.96 within 28 trading days since signal was issued (Tuesday, June 18, 2024).
Support, Risk & Stop-loss for Fidelity Covington Trust - Disruptive ETF
Fidelity Covington Trust - Disruptive finds support from accumulated volume at $23.52 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 $0.220 between high and low, or 0.93%. For the last week the ETF has had daily average volatility of 0.642%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FMED) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Fidelity Covington Trust - Disruptive Medicine Etf to open at $23.61, and during the day (based on 14 day Average True Range), to move between $23.29 and $23.79, which gives a possible trading interval of +/-$0.248 (+/-1.05%) up or down from last closing price. If Fidelity Covington Trust - Disruptive Medicine Etf takes out the full calculated possible swing range there will be an estimated 2.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $23.52 (0.08%) than the resistance at $23.85 (1.32%), 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 - Disruptive Medicine Etf ETF A Buy?
Fidelity Covington Trust - Disruptive holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -3.591 Sell Candidate Unchanged
Predicted Opening Price for Fidelity Covington Trust - Disruptive Medicine Etf of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $23.61 ( 0.283%) | $23.54 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FMED
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.83 | 1.22% |
| R2 | 23.74 | 0.86% |
| R1 | 23.69 | 0.640% |
| Price | 23.54 | |
| S1 | 23.52 | -0.0738% |
| S2 | 23.47 | -0.294% |
| S3 | 23.39 | -0.651% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 24.48 | 3.99% |
| R2 | 23.91 | 1.59% |
| R1 | 23.85 | 1.32% |
| Price | 23.54 | |
| S1 | 23.52 | -0.0850% |
| S2 | 23.51 | -0.127% |
| S3 | 23.45 | -0.382% |
FAQ
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