FIRST TRUST NASDAQ SEMICONDUCTOR ETF Forecast

Green day on Friday for FIRST TRUST NASDAQ SEMICONDUCTOR
(Updated on May 03, 2024)

FTXL Signals & Forecast

There are mixed signals in the ETF today. The FIRST TRUST NASDAQ SEMICONDUCTOR 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 $87.21. On a fall, the ETF will find some support from the short-term average at $86.19. 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. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -1.22%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for FIRST TRUST NASDAQ SEMICONDUCTOR ETF

FIRST TRUST NASDAQ SEMICONDUCTOR finds support from accumulated volume at $86.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0.494 between high and low, or 0.569%. For the last week the ETF has had daily average volatility of 2.19%.

Our recommended stop-loss: $83.75 (-3.83%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (FTXL) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect FIRST TRUST NASDAQ SEMICONDUCTOR ETF to open at $87.09, and during the day (based on 14 day Average True Range), to move between $84.94 and $89.24, which gives a possible trading interval of +/-$2.15 (+/-2.47%) up or down from last closing price. If FIRST TRUST NASDAQ SEMICONDUCTOR ETF takes out the full calculated possible swing range there will be an estimated 4.93% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $86.95 (0.16%) than the resistance at $87.32 (0.26%), 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 SEMICONDUCTOR ETF ETF A Buy?

FIRST TRUST NASDAQ SEMICONDUCTOR 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.

Current score: -0.268 Hold/Accumulate Unchanged

Predicted Opening Price for FIRST TRUST NASDAQ SEMICONDUCTOR ETF of Monday, May 6, 2024

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