USCommodity Gasoline Fund LP ETF Forecast
USCommodity Gasoline Fund LP ETF price ended at $70.95 on Thursday, after losing 0.700%.
(Updated on Apr 18, 2024)
The USCommodity Gasoline Fund LP ETF price fell by -0.700% on the last day (Thursday, 18th Apr 2024) from $71.45 to $70.95. During the last trading day the ETF fluctuated 1.54% from a day low at $70.76 to a day high of $71.85. The price has been going up and down for this period, and there has been a -2.59% loss for the last 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -51 thousand shares and in total, 42 thousand shares were bought and sold for approximately $2.98 million.
The ETF lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 15.73% during the next 3 months and, with a 90% probability hold a price between $80.48 and $85.73 at the end of this 3-month period.
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UGA Signals & Forecast
The USCommodity Gasoline Fund LP 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 $72.54. On a fall, the ETF will find some support from the long-term average at approximately $70.26. 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. 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 -3.81%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for USCommodity Gasoline Fund LP ETF
USCommodity Gasoline Fund LP finds support from accumulated volume at $70.80 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 $1.09 between high and low, or 1.54%. For the last week the ETF has had daily average volatility of 1.89%.
Our recommended stop-loss: $67.14 (-5.37%) (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 (UGA) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect USCommodity Gasoline Fund LP ETF to open at $71.19, and during the day (based on 14 day Average True Range), to move between $69.67 and $72.23, which gives a possible trading interval of +/-$1.28 (+/-1.80%) up or down from last closing price. If USCommodity Gasoline Fund LP ETF takes out the full calculated possible swing range there will be an estimated 3.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $70.80 (0.21%) than the resistance at $71.45 (0.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is USCommodity Gasoline Fund LP 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 USCommodity Gasoline Fund LP ETF to perform well in the short-term.
Current score: 2.664 Buy Candidate Unchanged
Predicted Opening Price for USCommodity Gasoline Fund LP ETF of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $71.19 ( 0.334%) | $70.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UGA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 72.28 | 1.87 % | |
| R2 | 71.86 | 1.28 % | ||
| R1 | 71.60 | 0.92 % | ||
| Current price: | 70.95 | |||
| Support | S1 | 70.77 | -0.253 % | |
| S2 | 70.51 | -0.616 % | ||
| S3 | 70.10 | -1.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 73.76 | 3.96 % | |
| R2 | 72.21 | 1.78 % | ||
| R1 | 71.45 | 0.705 % | ||
| Current price | 70.95 | |||
| Support | S1 | 70.80 | -0.211% | |
| S2 | 67.75 | -4.51% | ||
| S3 | 62.70 | -11.63% |
FAQ
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