First Trust Emerging Markets Equity ETF Forecast

Evaluation of First Trust Emerging Markets Equity ETF downgraded after the last trading session.
(Updated on Apr 26, 2024)

RNEM Signals & Forecast

The First Trust Emerging Markets Equity 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 $51.04 and $51.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 2.47%. Further rise is indicated until a new top pivot has been found. First Trust Emerging Markets Equity has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. 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 Emerging Markets Equity ETF

First Trust Emerging Markets Equity finds support from accumulated volume at $51.47 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 $0.110 between high and low, or 0.214%. For the last week the ETF has had daily average volatility of 0.330%.

Our recommended stop-loss: $48.60 (-5.63%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 8 days ago.)

Trading Expectations (RNEM) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect First Trust Emerging Markets Equity Select ETF to open at $51.53, and during the day (based on 14 day Average True Range), to move between $51.20 and $51.80, which gives a possible trading interval of +/-$0.302 (+/-0.59%) up or down from last closing price. If First Trust Emerging Markets Equity Select ETF takes out the full calculated possible swing range there will be an estimated 1.17% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $51.47 (0.06%) than the resistance at $51.66 (0.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is First Trust Emerging Markets Equity Select ETF ETF A Buy?

First Trust Emerging Markets Equity holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.965 Hold/Accumulate Downgraded

Predicted Opening Price for First Trust Emerging Markets Equity Select ETF of Monday, April 29, 2024

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