First Trust NASDAQ-100 Ex-Technology ETF upgraded from Buy Candidate to Strong Buy Candidate after Friday trading session.
(Updated on Dec 02, 2022)
The First Trust NASDAQ-100 Ex-Technology ETF price gained 0.588% on the last trading day (Friday, 2nd Dec 2022), rising from $81.23 to $81.71. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 2.05% from a day low at $80.18 to a day high of $81.82. The price has risen in 7 of the last 10 days and is up by 4.15% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 19 thousand more shares were traded than the day before. In total, 21 thousand shares were bought and sold for approximately $1.75 million.
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The ETF lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 8.82% during the next 3 months and, with a 90% probability hold a price between $80.17 and $92.46 at the end of this 3-month period.
QQXT Signals & Forecast
The First Trust NASDAQ-100 Ex-Technology 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 $80.30 and $76.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, October 14, 2022, and so far it has risen 16.89%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for First Trust NASDAQ-100 Ex-Technology ETF
First Trust NASDAQ-100 Ex-Technology finds support from accumulated volume at $79.17 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.64 between high and low, or 2.05%. For the last week, the ETF has had daily average volatility of 1.38%.
Our recommended stop-loss: $78.70 (-3.68%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations (QQXT) For The Upcoming Trading Day Of Monday 5th
For the upcoming trading day on Monday, 5th we expect First Trust NASDAQ-100 Ex-Technology Sector Index Fund to open at $81.24, and during the day (based on 14 day Average True Range), to move between $80.57 and $82.84, which gives a possible trading interval of +/-$1.14 (+/-1.39%) up or down from last closing price. If First Trust NASDAQ-100 Ex-Technology Sector Index Fund takes out the full calculated possible swing range there will be an estimated 2.78% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $2.54 (3.11%) our system find the risk reward attractive.
Is First Trust NASDAQ-100 Ex-Technology Sector Index Fund ETF A Buy?
First Trust NASDAQ-100 Ex-Technology holds several positive signals and is within a weak 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: 6.074 Open Broker AccountStrong Buy Candidate Upgraded
Predicted Opening Price for First Trust NASDAQ-100 Ex-Technology Sector Index Fund of Monday, December 5, 2022
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 5, 2022||Current price|
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About First Trust NASDAQ-100 Ex-Technology Sector Index Fund
The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the NASDAQ-100 Ex-Tech Sector Index(SM). The fund will normally invest at least 90% of its net assets (including investment borrowings) in common stocks that comprise the index. The index is an equal-weighted index based on the securities of the NASDAQ-100 Index(R) that are not classified as... QQXT Profile
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