First Trust Indxx Innovative Transaction ETF Forecast

First Trust Indxx Innovative Transaction ETF downgraded to Sell Candidate
(Updated on Jun 26, 2024)

LEGR.L Signals & Forecast

The First Trust Indxx Innovative Transaction ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at £34.11 and £34.18. A breakdown below any of these levels will issue sell signals. 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 Friday, May 17, 2024, and so far it has fallen -2.36%. 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). First Trust Indxx Innovative Transaction gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for First Trust Indxx Innovative Transaction ETF

First Trust Indxx Innovative Transaction finds support from accumulated volume at £34.13 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 £0.380 between high and low, or 1.11%. For the last week the ETF has had daily average volatility of 0.416%.

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

Trading Expectations (LEGR.L) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect First Trust Indxx Innovative Transaction & Process Ucits Etf to open at £34.30, and during the day (based on 14 day Average True Range), to move between £33.96 and £34.51, which gives a possible trading interval of +/-£0.277 (+/-0.81%) up or down from last closing price. If First Trust Indxx Innovative Transaction & Process Ucits Etf takes out the full calculated possible swing range there will be an estimated 1.62% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at £34.24 (0.01%) than the support at £34.13 (0.31%), 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 Indxx Innovative Transaction & Process Ucits Etf ETF A Buy?

The First Trust Indxx Innovative Transaction ETF holds several negative signals and despite the positive trend, we believe First Trust Indxx Innovative Transaction 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: -2.435 Sell Candidate Downgraded

Predicted Opening Price for First Trust Indxx Innovative Transaction & Process Ucits Etf of Thursday, June 27, 2024

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