Among the international funds to see upside movement on their point and figure chart is the First Trust STOXX European Dividend Index Fund (FDD).
Last week marked a positive one for international equities as they outpaced U.S. equities. Among the international funds to see upside movement on their point and figure chart is the First Trust STOXX European Dividend Index Fund (FDD). Following Thursday’s (11/13) trading, FDD gave a fourth consecutive buy signal by breaking a double top at $16.75, marking the fund’s highest level since 2008. The fund has maintained a buy signal and a positive trend since February of this year and maintained a long-term relative strength buy signal against the market as defined by the S&P 500 Equal Weight Index (SPXEWI) since March of this year. This positive technical picture has brought the fund score of FDD up to a strong 5.25, which is stronger than the average score for a fund within the Non-US Equity (4.56) and European (4.50) groups on the Asset Class Group Scores. This week’s action has brought FDD back towards the middle of the 10-week trading band and actionable territory for those seeking European exposure. Initial support lies at $15.75, while additional lies at $15.25. FDD is a current holding within the First Trust International Model (FTRUSTINTL).
