Wahed FTSE USA Shariah ETF Forecast

Wahed FTSE USA Shariah ETF price up 1.47% on Friday
(Updated on May 03, 2024)

HLAL Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 3.42%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wahed FTSE USA Shariah 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 $47.57. On a fall, the ETF will find some support from the short-term average at $46.90. 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 Monday, October 09, 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 Wahed FTSE USA Shariah ETF

Wahed FTSE USA Shariah finds support from accumulated volume at $47.41 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 $0.265 between high and low, or 0.560%. For the last week the ETF has had daily average volatility of 1.07%.

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

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

For the upcoming trading day on Monday, 6th we expect Wahed FTSE USA Shariah ETF to open at $47.46, and during the day (based on 14 day Average True Range), to move between $46.94 and $48.10, which gives a possible trading interval of +/-$0.578 (+/-1.22%) up or down from last closing price. If Wahed FTSE USA Shariah ETF takes out the full calculated possible swing range there will be an estimated 2.43% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $47.56 (0.08%) than the support at $47.41 (0.23%), 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 Wahed FTSE USA Shariah ETF ETF A Buy?

Wahed FTSE USA Shariah 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.

Current score: -1.689 Sell Candidate Unchanged

Predicted Opening Price for Wahed FTSE USA Shariah ETF of Monday, May 6, 2024

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