USCommodity Brent Oil Fund LP ETF Forecast
USCommodity Brent Oil Fund LP ETF price down 0.216% on Wednesday
(Updated on Apr 24, 2024)
The USCommodity Brent Oil Fund LP ETF price fell by -0.216% on the last day (Wednesday, 24th Apr 2024) from $32.43 to $32.36. During the last trading day the ETF fluctuated 1.21% from a day low at $32.19 to a day high of $32.58. The price has fallen in 6 of the last 10 days and is down by -2.85% for this period. 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 -93 thousand shares and in total, 371 thousand shares were bought and sold for approximately $12.02 million.
The ETF lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $32.04 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 16.25% during the next 3 months and, with a 90% probability hold a price between $37.24 and $40.03 at the end of this 3-month period.
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BNO Signals & Forecast
The USCommodity Brent Oil Fund LP 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 $32.31 and $31.88. A breakdown below any of these levels will issue sell signals. 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 Friday, April 05, 2024, and so far it has fallen -3.20%. 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 Brent Oil Fund LP ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $29.93 and $29.36. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, USCommodity Brent Oil Fund LP finds support just below today's level at $29.93. If this is broken, then the next support from accumulated volume will be at $29.36 and $28.24.
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 $0.390 (1.21%) between high and low. For the last week, the ETF has had daily average volatility of 1.50%.
Our recommended stop-loss: $30.81 (-4.79%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (BNO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect USCommodity Brent Oil Fund LP ETF to open at $32.38, and during the day (based on 14 day Average True Range), to move between $31.83 and $32.89, which gives a possible trading interval of +/-$0.530 (+/-1.64%) up or down from last closing price. If USCommodity Brent Oil Fund LP ETF takes out the full calculated possible swing range there will be an estimated 3.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $33.11 (2.32%) than the support at $29.93 (7.51%), 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 USCommodity Brent Oil 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 Brent Oil Fund LP ETF to perform well in the short-term.
Current score: 2.714 Buy Candidate Unchanged
Predicted Opening Price for USCommodity Brent Oil Fund LP ETF of Thursday, April 25, 2024
Fair opening price April 25, 2024 | Current price |
---|---|
$32.38 ( 0.0515%) | $32.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BNO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 32.77 | 1.26 % | |
R2 | 32.62 | 0.796 % | ||
R1 | 32.53 | 0.512 % | ||
Current price: | 32.36 | |||
Support | S1 | 32.23 | -0.409 % | |
S2 | 32.14 | -0.693 % | ||
S3 | 31.99 | -1.15 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 33.31 | 2.94 % | |
R2 | 33.23 | 2.69 % | ||
R1 | 33.11 | 2.32 % | ||
Current price | 32.36 | |||
Support | S1 | 29.93 | -7.51% | |
S2 | 29.36 | -9.27% | ||
S3 | 28.24 | -12.73% |
FAQ
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