Is BOIL ETF still a buy after falling -12.35% on Wednesday ?

The BOIL ETF price fell by -12.35% on the last day (Wednesday, 25th Jan 2023) from $9.72 to $8.52. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 9.53% from a day low at $8.50 to a day high of $9.31. The price has fallen in 7 of the last 10 days and is down by -24.27% for this period. Volume has increased on the last day by 21 million 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, 48 million shares were bought and sold for approximately $413.20 million.

The ETF lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $4.51 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the ETF is expected to fall -58.19% during the next 3 months and, with a 90% probability hold a price between $1.89 and $11.78 at the end of this 3-month period.

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 BOIL 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 $9.92 and $20.56. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, December 13, 2022, and so far it has fallen -79.22%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.

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 $0.81 between high and low, or 9.53%. For the last week, the ETF has had daily average volatility of 11.44%.

BOIL holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.