ProShares UltraShort Real Estate ETF Forecast
Evaluation of ProShares UltraShort Real Estate ETF downgraded after the last trading session.
(Updated on Mar 27, 2024)
The ProShares UltraShort Real Estate ETF price fell by -4.90% on the last day (Wednesday, 27th Mar 2024) from $15.52 to $14.76. During the last trading day the ETF fluctuated 3.93% from a day low at $14.76 to a day high of $15.34. The price has risen in 7 of the last 10 days but is still down by -0.14% for this period. Volume has increased on the last day by 15 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, 44 thousand shares were bought and sold for approximately $654.00 thousand.
The ETF is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $14.40 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect ProShares UltraShort Real Estate ETF with a 90% probability to be traded between $14.58 and $16.67 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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SRS Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, March 08, 2024, and so far it has risen 2.84%. Further rise is indicated until a new top pivot has been found. 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 Real Estate ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $15.15 and $15.25. A break-up above any of these levels will issue buy signals. ProShares UltraShort Real Estate 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 Real Estate ETF
ProShares UltraShort Real Estate finds support from accumulated volume at $14.72 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 $0.580 (3.93%) between high and low. For the last week, the ETF has had daily average volatility of 2.30%.
Our recommended stop-loss: $14.08 (-4.58%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (SRS) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect ProShares UltraShort Real Estate to open at $14.95, and during the day (based on 14 day Average True Range), to move between $14.35 and $15.17, which gives a possible trading interval of +/-$0.409 (+/-2.77%) up or down from last closing price. If ProShares UltraShort Real Estate takes out the full calculated possible swing range there will be an estimated 5.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.72 (0.27%) than the resistance at $15.33 (3.86%), 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 Real Estate ETF A Buy?
ProShares UltraShort Real Estate holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.369 Hold/Accumulate Downgraded
Predicted Opening Price for ProShares UltraShort Real Estate of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$14.95 ( 1.31%) | $14.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SRS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 15.53 | 5.24 % | |
R2 | 15.31 | 3.74 % | ||
R1 | 15.17 | 2.81 % | ||
Current price: | 14.76 | |||
Support | S1 | 14.73 | -0.191 % | |
S2 | 14.59 | -1.12 % | ||
S3 | 14.37 | -2.62 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 15.63 | 5.89 % | |
R2 | 15.45 | 4.67 % | ||
R1 | 15.33 | 3.86 % | ||
Current price | 14.76 | |||
Support | S1 | 14.72 | -0.271% | |
S2 | 14.46 | -2.03% | ||
S3 | 13.99 | -5.22% |
SRS Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.128 | 0.86% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.222 | 1.50% |
3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.166 | 0.786% |
4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.148 | 0.85% |
5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.104 | 0.555% |
FAQ
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