First Trust High Income Long Short Fund Stock Forecast

First Trust High Income Long Short Fund stock downgraded to Hold/Accumulate
(Updated on May 08, 2024)

FSD Signals & Forecast

The First Trust High Income Long Short 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 $11.75 and $11.66. 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 Tuesday, May 07, 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 stock had a Golden Star Signal on Monday, March 18, 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 stock in question.

Support, Risk & Stop-loss for First Trust High Income Long Short Fund stock

First Trust High Income Long Short Fund finds support from accumulated volume at $11.74 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 $0.100 between high and low, or 0.85%. For the last week the stock has had daily average volatility of 0.87%

The First Trust High Income Long Short Fund stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: $11.41 (-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 (FSD) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect First Trust High Income Long Short Fund to open at $11.83, and during the day (based on 14 day Average True Range), to move between $11.71 and $11.93, which gives a possible trading interval of +/-$0.115 (+/-0.97%) up or down from last closing price. If First Trust High Income Long Short Fund takes out the full calculated possible swing range there will be an estimated 1.94% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $11.74 (0.68%) than the resistance at $11.93 (0.93%), 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 High Income Long Short Fund stock A Buy?

First Trust High Income Long Short 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: 0.004 Hold/Accumulate Downgraded

Predicted Opening Price for First Trust High Income Long Short Fund of Thursday, May 9, 2024

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