First Trust Long/Short Equity ETF Forecast
Green day on Friday for First Trust Long/Short Equity ETF after gaining 0.737%
(Updated on May 03, 2024)
The First Trust Long/Short Equity ETF price gained 0.737% on the last trading day (Friday, 3rd May 2024), rising from $59.69 to $60.13. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.659% from a day low at $59.92 to a day high of $60.31. The price has risen in 6 of the last 10 days and is up by 1.81% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 40 thousand more shares were traded than the day before. In total, 171 thousand shares were bought and sold for approximately $10.26 million.
The ETF is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect First Trust Long/Short Equity ETF with a 90% probability to be traded between $59.90 and $62.71 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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FTLS Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 1.81%. 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 is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The First Trust Long/Short Equity 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 $60.58. On a fall, the ETF will find some support from the short-term average at $59.79. 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. The ETF had a Golden Star Signal on Tuesday, October 31, 2023 in the long-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.
Golden Star 12 Months
The ETF had a Golden Star Signal on Tuesday, October 31, 2023 in the long-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 Long/Short Equity ETF
First Trust Long/Short Equity finds support from accumulated volume at $60.04 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 $0.395 between high and low, or 0.659%. For the last week the ETF has had daily average volatility of 1.01%.
Our recommended stop-loss: $56.75 (-5.62%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (FTLS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect First Trust Long/Short Equity ETF to open at $60.12, and during the day (based on 14 day Average True Range), to move between $59.50 and $60.76, which gives a possible trading interval of +/-$0.627 (+/-1.04%) up or down from last closing price. If First Trust Long/Short Equity ETF takes out the full calculated possible swing range there will be an estimated 2.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $60.04 (0.15%) than the resistance at $60.70 (0.95%), 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 Long/Short Equity 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 Long/Short Equity ETF to perform well in the short-term period.
Current score: 1.202 Buy Candidate Unchanged
Predicted Opening Price for First Trust Long/Short Equity ETF of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$60.12 ( 0.0194%) | $60.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FTLS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 60.51 | 0.638 % | |
R2 | 60.36 | 0.387 % | ||
R1 | 60.27 | 0.232 % | ||
Current price: | 60.13 | |||
Support | S1 | 59.97 | -0.270 % | |
S2 | 59.87 | -0.425 % | ||
S3 | 59.72 | -0.676 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 61.40 | 2.11 % | |
R2 | 61.05 | 1.53 % | ||
R1 | 60.70 | 0.95 % | ||
Current price | 60.13 | |||
Support | S1 | 60.04 | -0.150% | |
S2 | 59.70 | -0.715% | ||
S3 | 59.37 | -1.26% |
FTLS Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 21, 2024 | Mar 21, 2024 | Mar 28, 2024 | $0.128 | 0.208% |
2 | Dec 22, 2023 | Dec 22, 2023 | Dec 22, 2023 | $0.298 | 0.526% |
3 | Dec 27, 2022 | Sep 22, 2023 | Sep 29, 2023 | $0.206 | 0.388% |
4 | Dec 27, 2022 | Jun 27, 2023 | Jun 30, 2023 | $0.205 | 0.388% |
5 | Dec 27, 2022 | Mar 24, 2023 | Mar 31, 2023 | $0.129 | 0.254% |
FAQ
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