ProShares UltraPro Short Russell2000 ETF Forecast
Red day on Friday for ProShares UltraPro Short Russell2000
(Updated on Apr 19, 2024)
The ProShares UltraPro Short Russell2000 ETF price fell by -0.547% on the last day (Friday, 19th Apr 2024) from $32.91 to $32.73. During the last trading day the ETF fluctuated 4.83% from a day low at $32.09 to a day high of $33.64. The price has risen in 6 of the last 10 days and is up by 18.5% over the past 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 -505 thousand shares and in total, 3 million shares were bought and sold for approximately $85.69 million.
The ETF lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $32.84 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -11.46% during the next 3 months and, with a 90% probability hold a price between $21.56 and $29.08 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.
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SRTY Signals & Forecast
The ProShares UltraPro Short Russell2000 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 $31.40 and $28.34. A breakdown below any of these levels will issue sell signals. 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 -0.547%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The ETF had a Golden Star Signal on Thursday, February 01, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.
Golden Star
The ETF had a Golden Star Signal on Thursday, February 01, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.
Support, Risk & Stop-loss for ProShares UltraPro Short Russell2000 ETF
ProShares UltraPro Short Russell2000 finds support from accumulated volume at $31.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $1.55 between high and low, or 4.83%. For the last week, the ETF has had daily average volatility of 5.69%.
The ProShares UltraPro Short Russell2000 ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: $31.55 (-3.61%) (This ETF has high daily movements and this gives high risk. The RSI14 is 80 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (SRTY) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect ProShares UltraPro Short Russell2000 to open at $32.82, and during the day (based on 14 day Average True Range), to move between $31.21 and $34.25, which gives a possible trading interval of +/-$1.52 (+/-4.66%) up or down from last closing price. If ProShares UltraPro Short Russell2000 takes out the full calculated possible swing range there will be an estimated 9.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $32.91 (0.55%) than the support at $31.70 (3.15%), 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 ProShares UltraPro Short Russell2000 ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.
Current score: 1.049 Buy Candidate Unchanged
Predicted Opening Price for ProShares UltraPro Short Russell2000 of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $32.82 ( 0.275%) | $32.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SRTY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 34.37 | 5.01 % | |
| R2 | 33.78 | 3.20 % | ||
| R1 | 33.41 | 2.08 % | ||
| Current price: | 32.73 | |||
| Support | S1 | 32.23 | -1.53 % | |
| S2 | 31.86 | -2.65 % | ||
| S3 | 31.27 | -4.46 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 34.49 | 5.38 % | |
| R2 | 34.02 | 3.94 % | ||
| R1 | 32.91 | 0.550 % | ||
| Current price | 32.73 | |||
| Support | S1 | 31.70 | -3.15% | |
| S2 | 29.28 | -10.54% | ||
| S3 | 29.03 | -11.30% |
SRTY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.374 | 1.46% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.487 | 1.51% |
| 3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.374 | 0.781% |
| 4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.355 | 0.84% |
| 5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.275 | 0.543% |
FAQ
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