First Trust NASDAQ-100 Equal Weighted ETF Forecast

First Trust NASDAQ-100 Equal Weighted ETF upgraded from Buy Candidate to Strong Buy Candidate after Monday trading session.
(Updated on Jun 17, 2024)

QQEW Signals & Forecast

The First Trust NASDAQ-100 Equal Weighted 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 $122.72 and $121.23. 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 7.84%. 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). The ETF had a Golden Star Signal on Friday, May 03, 2024 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 First Trust NASDAQ-100 Equal Weighted ETF

First Trust NASDAQ-100 Equal Weighted finds support from accumulated volume at $122.11 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 $1.83 between high and low, or 1.50%. For the last week the ETF has had daily average volatility of 0.91%.

Our recommended stop-loss: $120.05 (-3.24%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 70 days ago.)

Trading Expectations (QQEW) For The Upcoming Trading Day Of Tuesday 18th

For the upcoming trading day on Tuesday, 18th we expect First Trust NASDAQ-100 Equal Weighted Index Fund to open at $123.56, and during the day (based on 14 day Average True Range), to move between $122.85 and $125.29, which gives a possible trading interval of +/-$1.22 (+/-0.98%) up or down from last closing price. If First Trust NASDAQ-100 Equal Weighted Index Fund takes out the full calculated possible swing range there will be an estimated 1.96% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $122.11, some $1.96 (1.58%) from the current price of $124.07, our system finds the risk reward attractive.

Is First Trust NASDAQ-100 Equal Weighted Index Fund ETF A Buy?

First Trust NASDAQ-100 Equal Weighted holds several positive signals and is considered to be a good choice at current levels. We expect the First Trust NASDAQ-100 Equal Weighted ETF to perform great in the short-term period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.320 Strong Buy Candidate Upgraded

Predicted Opening Price for First Trust NASDAQ-100 Equal Weighted Index Fund of Tuesday, June 18, 2024

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