Volatile ride for BOIL ETF price on Wednesday moving between $4.63 and $5.22

The BOIL ETF price gained 10.20% on the last trading day (Wednesday, 22nd Feb 2023), rising from $4.41 to $4.86. During the last trading day the ETF fluctuated 12.74% from a day low at $4.63 to a day high of $5.22. The price has fallen in 6 of the last 10 days and is down by -28.42% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 91 million shares were bought and sold for approximately $443.20 million.

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.

There are mixed signals in the ETF today. 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 $5.55 and $8.64. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Tuesday, February 21, 2023, and so far it has risen 10.20%. 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 is rising along with the price. This is considered to be a good technical signal.

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 $0.590 between high and low, or 12.74%. For the last week, the ETF has had daily average volatility of 9.72%.

BOIL holds several negative signals and we believe that 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.