PowerShares DB US Dollar Bullish ETF Forecast

PowerShares DB US Dollar Bullish ETF upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on Apr 18, 2024)

UUP Signals & Forecast

The PowerShares DB US Dollar Bullish ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $28.80 and $28.25. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -0.104%. Further fall is indicated until a new bottom pivot has been found. The ETF had a Golden Star Signal on Friday, March 15, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Friday, July 28, 2023.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for PowerShares DB US Dollar Bullish ETF

PowerShares DB US Dollar Bullish finds support from accumulated volume at $28.09 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 $0.0700 between high and low, or 0.243%. For the last week the ETF has had daily average volatility of 0.288%.

Our recommended stop-loss: $28.01 (-3.08%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)

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

For the upcoming trading day on Friday, 19th we expect PowerShares DB US Dollar Bullish ETF to open at $28.88, and during the day (based on 14 day Average True Range), to move between $28.78 and $29.02, which gives a possible trading interval of +/-$0.120 (+/-0.42%) up or down from last closing price. If PowerShares DB US Dollar Bullish ETF takes out the full calculated possible swing range there will be an estimated 0.83% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $28.93 (0.10%) than the support at $28.09 (2.80%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is PowerShares DB US Dollar Bullish ETF ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for PowerShares DB US Dollar Bullish ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.719 Buy Candidate Upgraded

Predicted Opening Price for PowerShares DB US Dollar Bullish ETF of Friday, April 19, 2024

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