First Trust Emerging Markets Equity ETF Forecast

First Trust Emerging Markets Equity ETF upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Apr 19, 2024)

RNEM Signals & Forecast

The First Trust Emerging Markets Equity 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 $50.70 and $51.53. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.776%. 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.

Support, Risk & Stop-loss for First Trust Emerging Markets Equity ETF

First Trust Emerging Markets Equity finds support from accumulated volume at $50.52 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 $0.220 between high and low, or 0.436%. For the last week the ETF has had daily average volatility of 0.314%.

Our recommended stop-loss: $47.58 (-6.06%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 3 days ago.)

Trading Expectations (RNEM) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect First Trust Emerging Markets Equity Select ETF to open at $50.61, and during the day (based on 14 day Average True Range), to move between $50.35 and $50.95, which gives a possible trading interval of +/-$0.303 (+/-0.60%) 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 1.20% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $50.52 (0.26%) than the resistance at $50.98 (0.65%), 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?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.

Current score: 2.175 Buy Candidate Upgraded

Predicted Opening Price for First Trust Emerging Markets Equity Select ETF of Monday, April 22, 2024

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