First Trust New Opportunities MLP & Stock Forecast

First Trust New Opportunities MLP & stock price ended at $7.64 on Monday, after gaining 0.394%.
(Updated on Apr 22, 2024)

FPL Signals & Forecast

There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -1.04%. 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 New Opportunities MLP & stock 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 $7.50 and $7.48. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for First Trust New Opportunities MLP & stock

First Trust New Opportunities MLP & finds support from accumulated volume at $7.28 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock 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 stock During the last day, the stock moved $0.1000 between high and low, or 1.32%. For the last week the stock has had daily average volatility of 1.23%

Our recommended stop-loss: $7.35 (-3.75%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)

Trading Expectations (FPL) For The Upcoming Trading Day Of Tuesday 23rd

For the upcoming trading day on Tuesday, 23rd we expect First Trust New Opportunities MLP & Energy Fund to open at $7.63, and during the day (based on 14 day Average True Range), to move between $7.54 and $7.74, which gives a possible trading interval of +/-$0.0977 (+/-1.28%) up or down from last closing price. If First Trust New Opportunities MLP & Energy Fund takes out the full calculated possible swing range there will be an estimated 2.56% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $7.65 (0.13%) than the support at $7.28 (4.71%), 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 New Opportunities MLP & Energy Fund stock A Buy?

First Trust New Opportunities MLP & 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.

Current score: 5.102 Strong Buy Candidate Unchanged

Predicted Opening Price for First Trust New Opportunities MLP & Energy Fund of Tuesday, April 23, 2024

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