Wisdomtree Euro Stoxx Banks 3x Daily ETF Forecast

Wisdomtree Euro Stoxx Banks 3x Daily ETF downgraded to Sell Candidate
(Updated on Jun 19, 2024)

3BAL.L Signals & Forecast

There are few to no technical positive signals at the moment. The Wisdomtree Euro Stoxx Banks 3x Daily 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 £934.48 and £1,087.53. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen 0%. 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 fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Wisdomtree Euro Stoxx Banks 3x Daily ETF

On the downside, the ETF finds support just below today's level from accumulated volume at £881.00 and £868.00. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Wisdomtree Euro Stoxx Banks 3x Daily finds support just below today's level at £881.00. If this is broken, then the next support from accumulated volume will be at £868.00 and £862.88.

In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved £0 between high and low, or 0%. For the last week the ETF has had daily average volatility of 4.53%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (3BAL.L) For The Upcoming Trading Day Of Thursday 20th

For the upcoming trading day on Thursday, 20th we expect Wisdomtree Euro Stoxx Banks 3x Daily Leveraged to open at £928.38, and during the day (based on 14 day Average True Range), to move between £882.76 and £973.99, which gives a possible trading interval of +/-£45.61 (+/-4.91%) up or down from last closing price. If Wisdomtree Euro Stoxx Banks 3x Daily Leveraged takes out the full calculated possible swing range there will be an estimated 9.83% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at £881.00 (5.10%) than the resistance at £1,040.75 (12.10%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Wisdomtree Euro Stoxx Banks 3x Daily Leveraged ETF A Buy?

The Wisdomtree Euro Stoxx Banks 3x Daily ETF holds several negative signals and despite the positive trend, we believe Wisdomtree Euro Stoxx Banks 3x Daily will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.887 Sell Candidate Downgraded

Predicted Opening Price for Wisdomtree Euro Stoxx Banks 3x Daily Leveraged of Thursday, June 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.