First Trust NASDAQ Clean Edge Smart Grid ETF Forecast
First Trust NASDAQ Clean Edge Smart Grid ETF downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 18, 2024)
The First Trust NASDAQ Clean Edge Smart Grid ETF price gained 0.656% on the last trading day (Thursday, 18th Apr 2024), rising from $109.77 to $110.49. During the last trading day the ETF fluctuated 1.24% from a day low at $110.36 to a day high of $111.73. The price has fallen in 7 of the last 10 days and is down by -2.72% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 21 thousand more shares were traded than the day before. In total, 57 thousand shares were bought and sold for approximately $6.35 million.
The ETF lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $110.01 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 14.65% during the next 3 months and, with a 90% probability hold a price between $126.13 and $135.89 at the end of this 3-month period.
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GRID Signals & Forecast
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 NASDAQ Clean Edge Smart Grid ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $111.32 and $112.48. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -3.80%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for First Trust NASDAQ Clean Edge Smart Grid ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $102.68 and $102.66. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, First Trust NASDAQ Clean Edge Smart Grid finds support just below today's level at $102.68. If this is broken, then the next support from accumulated volume will be at $102.66 and $100.37.
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 $1.37 between high and low, or 1.24%. For the last week the ETF has had daily average volatility of 1.97%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GRID) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index to open at $110.86, and during the day (based on 14 day Average True Range), to move between $108.87 and $112.11, which gives a possible trading interval of +/-$1.62 (+/-1.47%) up or down from last closing price. If First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index takes out the full calculated possible swing range there will be an estimated 2.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $111.42 (0.84%) than the support at $102.68 (7.07%), 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 NASDAQ Clean Edge Smart Grid Infrastructure Index ETF A Buy?
The First Trust NASDAQ Clean Edge Smart Grid ETF holds several negative signals and despite the positive trend, we believe First Trust NASDAQ Clean Edge Smart Grid will perform weakly in the next couple of days or weeks. Therefore, we 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 Hold/Accumulate to a Sell candidate.
Current score: -1.624 Sell Candidate Downgraded
Predicted Opening Price for First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $110.86 ( 0.335%) | $110.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GRID
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 112.23 | 1.57 % | |
| R2 | 111.71 | 1.10 % | ||
| R1 | 111.38 | 0.81 % | ||
| Current price: | 110.49 | |||
| Support | S1 | 110.34 | -0.139 % | |
| S2 | 110.01 | -0.431 % | ||
| S3 | 109.49 | -0.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 114.86 | 3.96 % | |
| R2 | 113.90 | 3.09 % | ||
| R1 | 111.42 | 0.84 % | ||
| Current price | 110.49 | |||
| Support | S1 | 102.68 | -7.07% | |
| S2 | 102.66 | -7.09% | ||
| S3 | 100.37 | -9.16% |
GRID Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 21, 2024 | Mar 21, 2024 | Mar 28, 2024 | $0.102 | 0.0888% |
| 2 | Dec 22, 2023 | Dec 22, 2023 | Dec 29, 2023 | $0.355 | 0.339% |
| 3 | Sep 21, 2023 | Sep 22, 2023 | Sep 29, 2023 | $0.159 | 0.169% |
| 4 | Jun 26, 2023 | Jun 27, 2023 | Jun 30, 2023 | $0.698 | 0.664% |
| 5 | Mar 23, 2023 | Mar 24, 2023 | Mar 31, 2023 | $0.0800 | 0.0819% |
FAQ
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