(GNOV) FT Cboe Vest U.S. Equity - Ratings and Ratios

The FT Cboe Vest U.S. Equity Moderate Buffer ETF - November (GNOV) is an exchange-traded fund that employs a buffering strategy to manage risk. Under normal market conditions, it invests substantially all of its assets in FLexible EXchange (FLEX) Options that track the price performance of the SPDR S&P 500 ETF Trust, allowing for customization of key contract terms such as exercise prices, styles, and expiration dates.

As a non-diversified fund, GNOVs investment strategy is focused on a specific index, making its performance closely tied to the S&P 500. The use of FLEX Options enables the fund to offer a moderate buffer against losses, making it an attractive option for investors seeking to mitigate potential downsides while still participating in the potential upside of the S&P 500.

Analyzing the funds technical data, we observe that the last price is $35.11, with short-term and long-term moving averages (SMA20 and SMA50) indicating a positive trend. The Average True Range (ATR) of 0.72, representing 2.05% of the last price, suggests moderate volatility. Given the current price is near the 52-week high of $35.84, we can anticipate potential resistance at this level. Using the SMA20 and SMA50 as support levels, a potential buy signal is generated when the short-term average crosses above the long-term average, indicating a bullish trend.

Combining technical and fundamental analysis, we note that the funds Assets Under Management (AUM) stand at $255.45M USD, indicating a reasonable scale for an ETF in this category. With the S&P 500 being a broad market index, the funds performance will be influenced by overall market conditions. Given the current technical indicators and the moderate buffer strategy, our forecast suggests that GNOV may continue to track the S&P 500s performance with a reduced downside risk. If the S&P 500 experiences a moderate upswing, GNOV is likely to follow suit, potentially reaching $36.00 in the near term, while its buffer strategy may help limit losses in case of a downturn.