First Trust NASDAQ Clean Edge Smart Grid ETF Forecast
First Trust NASDAQ Clean Edge Smart Grid ETF upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 19, 2024)
The First Trust NASDAQ Clean Edge Smart Grid ETF price fell by -0.688% on the last day (Friday, 19th Apr 2024) from $110.49 to $109.73. During the last trading day the ETF fluctuated 1.20% from a day low at $109.50 to a day high of $110.82. The price has fallen in 7 of the last 10 days and is down by -3.36% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -32 thousand shares and in total, 25 thousand shares were bought and sold for approximately $2.77 million.
Given the current short-term trend, the ETF is expected to rise 13.87% during the next 3 months and, with a 90% probability hold a price between $124.95 and $135.04 at the end of this 3-month period.
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GRID Signals & Forecast
There are few to no technical positive signals at the moment. The First Trust NASDAQ Clean Edge Smart Grid ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $110.93 and $112.50. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -4.47%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for First Trust NASDAQ Clean Edge Smart Grid ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $102.68 and $102.66. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, First Trust NASDAQ Clean Edge Smart Grid finds support just below today's level at $102.68. If this is broken, then the next support from accumulated volume will be at $102.66 and $100.37.
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 $1.31 between high and low, or 1.20%. For the last week the ETF has had daily average volatility of 1.97%.
Our recommended stop-loss: $104.53 (-4.74%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (GRID) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index to open at $110.02, and during the day (based on 14 day Average True Range), to move between $108.13 and $111.33, which gives a possible trading interval of +/-$1.60 (+/-1.46%) up or down from last closing price. If First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index takes out the full calculated possible swing range there will be an estimated 2.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $111.42 (1.54%) than the support at $102.68 (6.42%), 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 NASDAQ Clean Edge Smart Grid Infrastructure Index ETF A Buy?
First Trust NASDAQ Clean Edge Smart Grid holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.347 Hold/Accumulate Upgraded
Predicted Opening Price for First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $110.02 ( 0.261%) | $109.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GRID
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 111.33 | 1.46 % | |
| R2 | 110.83 | 1.00 % | ||
| R1 | 110.52 | 0.717 % | ||
| Current price: | 109.73 | |||
| Support | S1 | 109.51 | -0.196 % | |
| S2 | 109.20 | -0.479 % | ||
| S3 | 108.70 | -0.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 114.86 | 4.68 % | |
| R2 | 113.90 | 3.80 % | ||
| R1 | 111.42 | 1.54 % | ||
| Current price | 109.73 | |||
| Support | S1 | 102.68 | -6.42% | |
| S2 | 102.66 | -6.44% | ||
| S3 | 100.37 | -8.53% |
GRID Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 21, 2024 | Mar 21, 2024 | Mar 28, 2024 | $0.102 | 0.0888% |
| 2 | Dec 22, 2023 | Dec 22, 2023 | Dec 29, 2023 | $0.355 | 0.339% |
| 3 | Sep 21, 2023 | Sep 22, 2023 | Sep 29, 2023 | $0.159 | 0.169% |
| 4 | Jun 26, 2023 | Jun 27, 2023 | Jun 30, 2023 | $0.698 | 0.664% |
| 5 | Mar 23, 2023 | Mar 24, 2023 | Mar 31, 2023 | $0.0800 | 0.0819% |
FAQ
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