ProShares Ultra VIX Short-Term Futures ETF Forecast
ProShares Ultra VIX Short-Term Futures ETF price up 2.77% on Thursday
(Updated on Apr 25, 2024)
The ProShares Ultra VIX Short-Term Futures ETF price gained 2.77% on the last trading day (Thursday, 25th Apr 2024), rising from $33.58 to $34.51. During the last trading day the ETF fluctuated 8.01% from a day low at $34.03 to a day high of $36.76. The price has fallen in 6 of the last 10 days but is still up by 3.05% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 8 million shares were bought and sold for approximately $267.29 million.
The ETF lies in the middle of a very wide and 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 125.44% during the next 3 months and, with a 90% probability hold a price between $25.58 and $99.41 at the end of this 3-month period.
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UVXY Signals & Forecast
The ProShares Ultra VIX Short-Term Futures 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 $36.49. On a fall, the ETF will find some support from the long-term average at approximately $16.25. 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical 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 Monday, April 15, 2024, and so far it has fallen -15.69%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for ProShares Ultra VIX Short-Term Futures ETF
ProShares Ultra VIX Short-Term Futures finds support from accumulated volume at $33.69 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $2.73 between high and low, or 8.01%. For the last week, the ETF has had daily average volatility of 6.98%.
Our recommended stop-loss: $32.64 (-5.42%) (This ETF has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (UVXY) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect ProShares Ultra VIX Short-Term Futures to open at $35.10, and during the day (based on 14 day Average True Range), to move between $31.42 and $37.60, which gives a possible trading interval of +/-$3.09 (+/-8.96%) up or down from last closing price. If ProShares Ultra VIX Short-Term Futures takes out the full calculated possible swing range there will be an estimated 17.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $33.69 (2.38%) than the resistance at $38.14 (10.52%), 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 Ultra VIX Short-Term Futures 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 ProShares Ultra VIX Short-Term Futures ETF to perform well in the short-term.
Current score: 1.635 Buy Candidate Unchanged
Predicted Opening Price for ProShares Ultra VIX Short-Term Futures of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$35.10 ( 1.70%) | $34.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UVXY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 37.82 | 9.60 % | |
R2 | 36.78 | 6.58 % | ||
R1 | 36.14 | 4.72 % | ||
Current price: | 34.51 | |||
Support | S1 | 34.06 | -1.31 % | |
S2 | 33.41 | -3.18 % | ||
S3 | 32.37 | -6.19 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 40.93 | 18.60 % | |
R2 | 38.95 | 12.87 % | ||
R1 | 38.14 | 10.52 % | ||
Current price | 34.51 | |||
Support | S1 | 33.69 | -2.38% | |
S2 | 33.58 | -2.70% | ||
S3 | 33.49 | -2.96% |
FAQ
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