Fidelity Nasdaq Composite Index Tracking ETF Forecast

Stronger technical forecast for Fidelity Nasdaq Composite Index Tracking ETF price after Tuesday trading.
(Updated on Jul 02, 2024)

ONEQ Signals & Forecast

The Fidelity Nasdaq Composite Index Tracking 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 $70.07 and $67.88. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 17.86%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Fidelity Nasdaq Composite Index Tracking ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $61.77 and $60.83. 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, Fidelity Nasdaq Composite Index Tracking finds support just below today's level at $61.77. If this is broken, then the next support from accumulated volume will be at $60.83 and $60.18.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.90 (1.28%) between high and low. For the last week, the ETF has had daily average volatility of 1.17%.

Our recommended stop-loss: $68.73 (-3.10%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 56 days ago.)

Trading Expectations (ONEQ) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Fidelity Nasdaq Composite Index Tracking Stock to open at $70.68, and during the day (based on 14 day Average True Range), to move between $70.11 and $71.75, which gives a possible trading interval of +/-$0.82 (+/-1.15%) up or down from last closing price. If Fidelity Nasdaq Composite Index Tracking Stock takes out the full calculated possible swing range there will be an estimated 2.31% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $61.77, some $9.16 (12.91%) from the current price of $70.93, our system finds the risk reward attractive.

Is Fidelity Nasdaq Composite Index Tracking Stock ETF A Buy?

Fidelity Nasdaq Composite Index Tracking holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.768 Strong Buy Candidate Upgraded

Predicted Opening Price for Fidelity Nasdaq Composite Index Tracking Stock of Wednesday, July 3, 2024

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