First Trust Nasdaq BuyWrite Income ETF Forecast

Evaluation of First Trust Nasdaq BuyWrite Income ETF downgraded after the last trading session.
(Updated on May 10, 2024)

FTQI Signals & Forecast

The First Trust Nasdaq BuyWrite Income 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 $20.22 and $20.20. 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 Thursday, May 09, 2024, and so far it has fallen -0.0983%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. The ETF had a Golden Star Signal on Friday, May 03, 2024 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 Nasdaq BuyWrite Income ETF

First Trust Nasdaq BuyWrite Income finds support from accumulated volume at $20.29 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 $0.110 between high and low, or 0.542%. For the last week the ETF has had daily average volatility of 0.514%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (FTQI) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect First Trust Nasdaq BuyWrite Income ETF to open at $20.33, and during the day (based on 14 day Average True Range), to move between $20.15 and $20.51, which gives a possible trading interval of +/-$0.181 (+/-0.89%) up or down from last closing price. If First Trust Nasdaq BuyWrite Income ETF takes out the full calculated possible swing range there will be an estimated 1.78% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $20.29 (0.20%) than the resistance at $20.41 (0.39%), 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 Nasdaq BuyWrite Income ETF ETF A Buy?

First Trust Nasdaq BuyWrite Income holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Sell candidate.

Current score: -1.383 Sell Candidate Downgraded

Predicted Opening Price for First Trust Nasdaq BuyWrite Income ETF of Monday, May 13, 2024

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