Is BOIL ETF still a buy after falling -12.73% on Friday ?

The BOIL ETF price fell by -12.73% on the last day (Friday, 17th Mar 2023) from $5.34 to $4.66. During the last trading day the ETF fluctuated 8.31% from a day low at $4.57 to a day high of $4.95. The price has fallen in 7 of the last 10 days and is down by -40.71% for this period. Volume has increased on the last day by 23 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, 66 million shares were bought and sold for approximately $305.80 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 $5.05 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Due to the high volatility and the trend direction we are not able to give forecast range for this stock. 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.

There are few to no technical positive signals at the moment. 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 $5.29 and $6.10. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 03, 2023, and so far it has fallen -40.71%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

On the downside, the ETF finds support just below today's level from accumulated volume at $4.41.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the ETF price.

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 $0.380 between high and low, or 8.31%. For the last week, the ETF has had daily average volatility of 8.43%.

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.