FIRST TRUST MID CAP VALUE ALPHADEX FUND ETF Forecast

Stronger technical forecast for FIRST TRUST MID CAP VALUE ALPHADEX FUND ETF price after Tuesday trading.
(Updated on Jun 25, 2024)

FNK Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 1.34%. 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 FIRST TRUST MID CAP VALUE ALPHADEX FUND ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $52.13. On a fall, the ETF will find some support from the short-term average at $50.89. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. FIRST TRUST MID CAP VALUE ALPHADEX 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".

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Friday, June 14, 2024 and based on theory for this formation the price should go up by 11.74% to $56.93 within 41 trading days since signal was issued (Wednesday, August 14, 2024).

Support, Risk & Stop-loss for FIRST TRUST MID CAP VALUE ALPHADEX FUND ETF

FIRST TRUST MID CAP VALUE ALPHADEX FUND finds support from accumulated volume at $50.88 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 $0.580 between high and low, or 1.14%. For the last week the ETF has had daily average volatility of 0.644%.

Our recommended stop-loss: $48.43 (-4.93%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 27 days ago.)

Trading Expectations (FNK) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect FIRST TRUST MID CAP VALUE ALPHADEX FUND to open at $51.02, and during the day (based on 14 day Average True Range), to move between $50.36 and $51.53, which gives a possible trading interval of +/-$0.586 (+/-1.15%) up or down from last closing price. If FIRST TRUST MID CAP VALUE ALPHADEX FUND takes out the full calculated possible swing range there will be an estimated 2.30% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $50.88 (0.14%) than the resistance at $51.55 (1.19%), 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 MID CAP VALUE ALPHADEX FUND ETF A Buy?

FIRST TRUST MID CAP VALUE ALPHADEX 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.960 Hold/Accumulate Upgraded

Predicted Opening Price for FIRST TRUST MID CAP VALUE ALPHADEX FUND of Wednesday, June 26, 2024

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