ProShares UltraShort Russell2000 ETF Forecast
ProShares UltraShort Russell2000 ETF downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The ProShares UltraShort Russell2000 ETF price fell by -3.36% on the last day (Tuesday, 23rd Apr 2024) from $12.19 to $11.78. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 4.32% from a day low at $11.69 to a day high of $12.19. The price has risen in 6 of the last 10 days and is up by 7.88% over the past 2 weeks. Volume has increased on the last day by 135 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $37.32 million.
The ETF lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -5.85% during the next 3 months and, with a 90% probability hold a price between $9.67 and $11.73 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
TWM Signals & Forecast
The ProShares UltraShort Russell2000 ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $12.24. On a fall, the ETF will find some support from the long-term average at approximately $11.33. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Thursday, April 18, 2024, and so far it has fallen -5.76%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for ProShares UltraShort Russell2000 ETF
ProShares UltraShort Russell2000 finds support from accumulated volume at $11.48 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.505 between high and low, or 4.32%. For the last week, the ETF has had daily average volatility of 3.65%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TWM) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect ProShares UltraShort Russell2000 to open at $11.89, and during the day (based on 14 day Average True Range), to move between $11.37 and $12.19, which gives a possible trading interval of +/-$0.405 (+/-3.44%) up or down from last closing price. If ProShares UltraShort Russell2000 takes out the full calculated possible swing range there will be an estimated 6.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.48 (2.55%) than the resistance at $12.19 (3.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ProShares UltraShort Russell2000 ETF A Buy?
ProShares UltraShort Russell2000 holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.483 Sell Candidate Downgraded
Predicted Opening Price for ProShares UltraShort Russell2000 of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $11.89 ( 0.89%) | $11.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TWM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.39 | 5.18 % | |
| R2 | 12.20 | 3.54 % | ||
| R1 | 12.08 | 2.53 % | ||
| Current price: | 11.78 | |||
| Support | S1 | 11.69 | -0.746 % | |
| S2 | 11.57 | -1.76 % | ||
| S3 | 11.38 | -3.40 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.64 | 7.30 % | |
| R2 | 12.47 | 5.86 % | ||
| R1 | 12.19 | 3.48 % | ||
| Current price | 11.78 | |||
| Support | S1 | 11.48 | -2.55% | |
| S2 | 10.98 | -6.79% | ||
| S3 | 10.96 | -6.96% |
TWM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.0859 | 0.81% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.234 | 1.92% |
| 3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.127 | 0.81% |
| 4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.118 | 0.82% |
| 5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0710 | 0.442% |
FAQ
Click here for our free guide on how to buy ProShares UltraShort Russell2000 ETF.
