First Trust Nasdaq Oil & Gas ETF (FTXN) on Focus After Forming Bullish Multiple Top Pattern

July 27, 2018 - By Vernon Prom

The stock of First Trust Nasdaq Oil & Gas ETF (FTXN) shows a multiple tops pattern with $26.50 target or 7.00 % above today’s $24.77 share price. The 9 months chart pattern indicates low risk for the $30.91M company. It was reported on Jul, 27 by If the $26.50 price target is reached, the company will be worth $2.16 million more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The ETF increased 1.14% or $0.28 during the last trading session, reaching $24.77. About 107,015 shares traded or 211.72% up from the average. First Trust Nasdaq Oil & Gas ETF (NASDAQ:FTXN) has risen 11.73% since July 27, 2017 and is uptrending. It has underperformed by 0.84% the S&P500.

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