Volatile ride for BOIL ETF price on Wednesday moving between $10.22 and $12.00

The BOIL ETF price gained 5.42% on the last trading day (Wednesday, 11th Jan 2023), rising from $11.25 to $11.86. During the last trading day the ETF fluctuated 17.42% from a day low at $10.22 to a day high of $12.00. The price has fallen in 7 of the last 10 days and is down by -45.02% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 31 million shares were bought and sold for approximately $371.65 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 $10.79 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the ETF is expected to fall -41.96% during the next 3 months and, with a 90% probability hold a price between $6.26 and $23.06 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Tuesday, January 10, 2023, and so far it has risen 5.42%. Further rise is indicated until a new top pivot has been found. 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. 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 $12.91 and $30.04. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the ETF finds support just below today's level from accumulated volume at $11.25.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $0 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 $1.78 between high and low, or 17.42%. For the last week, the ETF has had daily average volatility of 11.33%.

BOIL is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

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.