First Trust Mid Cap US Equity Select ETF Forecast

Red day on Thursday for First Trust Mid Cap US Equity Select
(Updated on Apr 18, 2024)

RNMC Signals & Forecast

There are few to no technical positive signals at the moment. The First Trust Mid Cap US Equity Select 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 $31.39 and $32.07. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -6.94%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for First Trust Mid Cap US Equity Select ETF

First Trust Mid Cap US Equity Select finds support from accumulated volume at $30.66 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 controlled movements and therefore the general risk is considered 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 $0.219 between high and low, or 0.711%. For the last week the ETF has had daily average volatility of 0.433%.

First Trust Mid Cap US Equity Select is oversold on RSI14 (17). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RNMC) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect First Trust Mid Cap US Equity Select ETF to open at $30.89, and during the day (based on 14 day Average True Range), to move between $30.55 and $31.09, which gives a possible trading interval of +/-$0.272 (+/-0.88%) up or down from last closing price. If First Trust Mid Cap US Equity Select ETF takes out the full calculated possible swing range there will be an estimated 1.76% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $30.66 (0.51%) than the resistance at $31.09 (0.88%), 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 Mid Cap US Equity Select ETF ETF A Buy?

The First Trust Mid Cap US Equity Select ETF holds several negative signals and despite the positive trend, we believe First Trust Mid Cap US Equity Select will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.

Current score: -1.691 Sell Candidate Unchanged

Predicted Opening Price for First Trust Mid Cap US Equity Select ETF of Friday, April 19, 2024

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