First Trust Institutional Preferred ETF Forecast

Stronger technical forecast for First Trust Institutional Preferred ETF price after Thursday trading.
(Updated on May 09, 2024)

FPEI Signals & Forecast

Mostly positive signals in the chart today. The First Trust Institutional Preferred 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 $18.15 and $18.10. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 1.79%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. The ETF had a Golden Star Signal on Thursday, May 02, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for First Trust Institutional Preferred ETF

First Trust Institutional Preferred finds support from accumulated volume at $18.20 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 $0.0500 between high and low, or 0.275%. For the last week the ETF has had daily average volatility of 0.293%.

Our recommended stop-loss: $17.32 (-5.01%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 17 days ago.)

Trading Expectations (FPEI) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect First Trust Institutional Preferred Securities and Income ETF to open at $18.21, and during the day (based on 14 day Average True Range), to move between $18.16 and $18.30, which gives a possible trading interval of +/-$0.0678 (+/-0.37%) up or down from last closing price. If First Trust Institutional Preferred Securities and Income ETF takes out the full calculated possible swing range there will be an estimated 0.74% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $18.24 (0.05%) than the support at $18.20 (0.16%), 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 Institutional Preferred Securities and Income ETF ETF A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for First Trust Institutional Preferred ETF to perform well in the short-term period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.

Current score: 3.579 Buy Candidate Upgraded

Predicted Opening Price for First Trust Institutional Preferred Securities and Income ETF of Friday, May 10, 2024

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