First Trust New Opportunities MLP & Stock Forecast

First Trust New Opportunities MLP & stock upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on Apr 19, 2024)

FPL Signals & Forecast

The First Trust New Opportunities MLP & 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 $7.49 and $7.47. A breakdown below any of these levels will issue sell signals. First Trust New Opportunities MLP & has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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, April 08, 2024, and so far it has fallen -1.42%. 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).

Support, Risk & Stop-loss for First Trust New Opportunities MLP & stock

First Trust New Opportunities MLP & finds support from accumulated volume at $7.28 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 $0.135 between high and low, or 1.79%. For the last week the stock has had daily average volatility of 1.43%.

Our recommended stop-loss: $7.28 (-4.37%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 9 days ago.)

Trading Expectations (FPL) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect First Trust New Opportunities MLP & Energy Fund to open at $7.60, and during the day (based on 14 day Average True Range), to move between $7.51 and $7.71, which gives a possible trading interval of +/-$0.0975 (+/-1.28%) up or down from last closing price. If First Trust New Opportunities MLP & Energy Fund takes out the full calculated possible swing range there will be an estimated 2.56% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $7.64 (0.39%) than the support at $7.28 (4.34%), 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 New Opportunities MLP & Energy Fund stock A Buy?

First Trust New Opportunities MLP & holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.179 Strong Buy Candidate Upgraded

Predicted Opening Price for First Trust New Opportunities MLP & Energy Fund of Monday, April 22, 2024

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