USCommodity 12 Month Oil ETF Forecast
USCommodity 12 Month Oil ETF upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.
(Updated on Mar 28, 2024)
The USCommodity 12 Month Oil ETF price gained 0.96% on the last trading day (Thursday, 28th Mar 2024), rising from $39.48 to $39.86. During the last trading day the ETF fluctuated 0.617% from a day low at $39.72 to a day high of $39.97. The price has risen in 6 of the last 10 days and is up by 2.41% 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, 975 more shares were traded than the day before. In total, 4 thousand shares were bought and sold for approximately $155.45 thousand.
The ETF lies in the middle of a 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 11.60% during the next 3 months and, with a 90% probability hold a price between $42.34 and $45.52 at the end of this 3-month period.
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USL Signals & Forecast
Mostly positive signals in the chart today. The USCommodity 12 Month Oil 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 $39.40 and $38.07. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, February 02, 2024, and so far it has risen 12.92%. 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). USCommodity 12 Month Oil has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for USCommodity 12 Month Oil ETF
USCommodity 12 Month Oil finds support from accumulated volume at $38.96 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 $0.245 (0.617%) between high and low. For the last week, the ETF has had daily average volatility of 0.676%.
Our recommended stop-loss: $38.48 (-3.46%) (This ETF has low daily movements and this gives low risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 38 days ago.)
Trading Expectations (USL) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect USCommodity 12 Month Oil ETF to open at $39.85, and during the day (based on 14 day Average True Range), to move between $39.40 and $40.32, which gives a possible trading interval of +/-$0.455 (+/-1.14%) up or down from last closing price. If USCommodity 12 Month Oil ETF takes out the full calculated possible swing range there will be an estimated 2.28% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $38.96, some $0.90 (2.26%) from the current price of $39.86, our system finds the risk reward attractive.
Is USCommodity 12 Month Oil ETF ETF A Buy?
USCommodity 12 Month Oil holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 7.175 Strong Buy Candidate Upgraded
Predicted Opening Price for USCommodity 12 Month Oil ETF of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$39.85 ( 0.0294%) | $39.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USL
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 40.09 | 0.586 % | |
R2 | 40.00 | 0.351 % | ||
R1 | 39.94 | 0.206 % | ||
Current price: | 39.86 | |||
Support | S1 | 39.75 | -0.264 % | |
S2 | 39.70 | -0.409 % | ||
S3 | 39.60 | -0.644 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 39.86 | |||
Support | S1 | 38.96 | -2.26% | |
S2 | 37.66 | -5.51% | ||
S3 | 35.27 | -11.52% |
FAQ
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