ProShares UltraShort Nasdaq ETF Forecast
Evaluation of ProShares UltraShort Nasdaq ETF downgraded after the last trading session.
(Updated on Mar 27, 2024)
The ProShares UltraShort Nasdaq ETF price fell by -2.79% on the last day (Wednesday, 27th Mar 2024) from $17.94 to $17.44. During the last trading day the ETF fluctuated 1.92% from a day low at $17.43 to a day high of $17.76. The price has fallen in 5 of the last 10 days and is down by -0.63% for this period. Volume has increased on the last day by 25 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, 36 thousand shares were bought and sold for approximately $631.08 thousand.
The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect ProShares UltraShort Nasdaq ETF with a 90% probability to be traded between $16.67 and $18.62 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BIS Signals & Forecast
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. The ProShares UltraShort Nasdaq ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $17.82 and $17.72. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 18, 2024, and so far it has fallen -5.37%. Further fall is indicated until a new bottom pivot has been found. ProShares UltraShort Nasdaq gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for ProShares UltraShort Nasdaq ETF
ProShares UltraShort Nasdaq finds support from accumulated volume at $17.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.334 (1.92%) between high and low. For the last week, the ETF has had daily average volatility of 1.05%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BIS) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect ProShares UltraShort Nasdaq Biotechnology to open at $17.54, and during the day (based on 14 day Average True Range), to move between $17.08 and $17.80, which gives a possible trading interval of +/-$0.358 (+/-2.05%) up or down from last closing price. If ProShares UltraShort Nasdaq Biotechnology takes out the full calculated possible swing range there will be an estimated 4.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $17.40 (0.23%) than the resistance at $17.54 (0.60%), 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 Nasdaq Biotechnology ETF A Buy?
ProShares UltraShort Nasdaq holds several negative signals and is within a wide and falling trend, so we believe 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: -3.020 Sell Candidate Downgraded
Predicted Opening Price for ProShares UltraShort Nasdaq Biotechnology of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$17.54 ( 0.600%) | $17.44 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BIS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 17.88 | 2.51 % | |
R2 | 17.75 | 1.78 % | ||
R1 | 17.67 | 1.33 % | ||
Current price: | 17.44 | |||
Support | S1 | 17.42 | -0.131 % | |
S2 | 17.34 | -0.583 % | ||
S3 | 17.21 | -1.31 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 17.77 | 1.89 % | |
R2 | 17.59 | 0.86 % | ||
R1 | 17.54 | 0.599 % | ||
Current price | 17.44 | |||
Support | S1 | 17.40 | -0.229% | |
S2 | 17.22 | -1.26% | ||
S3 | 16.94 | -2.87% |
BIS Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.159 | 0.91% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 28, 2023 | $0.176 | 0.99% |
3 | Sep 19, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.119 | 0.538% |
4 | Jun 20, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0210 | 0.100% |
5 | Mar 25, 2020 | Mar 25, 2020 | Apr 01, 2020 | $0.104 | 0.171% |
FAQ
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