Stronger technical forecast for BOIL ETF price after Thursday trading.

The BOIL ETF price gained 1.88% on the last trading day (Thursday, 9th Feb 2023), rising from $5.86 to $5.97. During the last trading day the ETF fluctuated 9.90% from a day low at $5.76 to a day high of $6.33. The price has been going up and down for this period, and there has been a -26.48% loss for the last 2 weeks. Volume fell on the last day by -14 million shares and in total, 56 million shares were bought and sold for approximately $332.32 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.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.

A buy signal was issued from a pivot bottom point on Friday, February 03, 2023, and so far it has risen 2.75%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. 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 $6.16 and $12.25. A break-up above any of these levels will issue buy signals.

BOIL finds support from accumulated volume at $5.86 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 $0.570 between high and low, or 9.90%. For the last week, the ETF has had daily average volatility of 11.36%.

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.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Strong Sell to a Sell candidate.