First Trust Alt Abs Ret Strat ETF Forecast

Green day on Thursday for First Trust Alt Abs Ret Strat ETF after gaining 0.172%
(Updated on Apr 25, 2024)

FAAR Signals & Forecast

There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -0.342%. 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). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. The First Trust Alt Abs Ret Strat 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 $29.01 and $28.84. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for First Trust Alt Abs Ret Strat ETF

First Trust Alt Abs Ret Strat finds support from accumulated volume at $28.66 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.645 between high and low, or 2.25%. For the last week the ETF has had daily average volatility of 1.07%

Our recommended stop-loss: $28.16 (-3.48%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 8 days ago.)

Trading Expectations (FAAR) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect First Trust Alt Abs Ret Strat ETF to open at $29.05, and during the day (based on 14 day Average True Range), to move between $28.84 and $29.52, which gives a possible trading interval of +/-$0.337 (+/-1.15%) up or down from last closing price. If First Trust Alt Abs Ret Strat ETF 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.

Since the stock is closer to the resistance from accumulated volume at $29.22 (0.14%) than the support at $28.66 (1.78%), 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 Alt Abs Ret Strat ETF ETF A Buy?

First Trust Alt Abs Ret Strat 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.

Current score: 0.655 Hold/Accumulate Unchanged

Predicted Opening Price for First Trust Alt Abs Ret Strat ETF of Friday, April 26, 2024

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