First Trust Long/Short Equity ETF Forecast
Green day on Friday for First Trust Long/Short Equity
(Updated on May 17, 2024)
The First Trust Long/Short Equity ETF price gained 0.0327% on the last trading day (Friday, 17th May 2024), rising from $61.21 to $61.23. During the last trading day the ETF fluctuated 0.385% from a day low at $61.02 to a day high of $61.26. The price has risen in 6 of the last 10 days and is up by 1.83% 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, 22 thousand more shares were traded than the day before. In total, 96 thousand shares were bought and sold for approximately $5.89 million.
The ETFis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $61.73 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect First Trust Long/Short Equity ETF with a 90% probability to be traded between $59.21 and $61.84 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
The First Trust Long/Short Equity 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 $61.06 and $60.50. 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). 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. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -0.601%. Further fall is indicated until a new bottom pivot has been found. 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.
A sell signal from a double top formation was found on Wednesday, May 15, 2024 and based on theory for this formation the price should fall by -6.84% to $57.04 within 33 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for First Trust Long/Short Equity ETF
First Trust Long/Short Equity finds support from accumulated volume at $61.05 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 $0.235 between high and low, or 0.385%. For the last week the ETF has had daily average volatility of 0.517%.
Our recommended stop-loss: $58.80 (-3.98%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (FTLS) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect First Trust Long/Short Equity ETF to open at $61.17, and during the day (based on 14 day Average True Range), to move between $60.70 and $61.76, which gives a possible trading interval of +/-$0.533 (+/-0.87%) 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 1.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $61.40 (0.28%) than the support at $61.05 (0.29%), 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 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: 2.783 Buy Candidate Unchanged
Predicted Opening Price for First Trust Long/Short Equity ETF of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $61.17 ( 0.101%) | $61.23 |
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 | 61.40 | 0.283 % | |
| R2 | 61.31 | 0.136 % | ||
| R1 | 61.26 | 0.0459 % | ||
| Current price: | 61.23 | |||
| Support | S1 | 61.08 | -0.247 % | |
| S2 | 61.02 | -0.338 % | ||
| S3 | 60.93 | -0.485 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.66 | 0.702 % | |
| R2 | 61.46 | 0.376 % | ||
| R1 | 61.40 | 0.278 % | ||
| Current price | 61.23 | |||
| Support | S1 | 61.05 | -0.294% | |
| S2 | 60.74 | -0.80% | ||
| S3 | 59.70 | -2.50% |
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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