Wisdomtree Brent Crude Oil 3x Daily ETF Forecast

Wisdomtree Brent Crude Oil 3x Daily ETF upgraded to Hold/Accumulate.
(Updated on Jun 28, 2024)

3BRL.L Signals & Forecast

The Wisdomtree Brent Crude Oil 3x Daily ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £43.78 and £40.63. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Wisdomtree Brent Crude Oil 3x Daily has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 20, 2024, and so far it has fallen -0.85%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Wisdomtree Brent Crude Oil 3x Daily ETF

On the downside, the ETF finds support just below today's level from accumulated volume at £37.42 and £36.52. 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 Brent Crude Oil 3x Daily finds support just below today's level at £37.42. If this is broken, then the next support from accumulated volume will be at £36.52 and £33.99.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved £2.04 between high and low, or 4.64%. For the last week, the ETF has had daily average volatility of 2.78%.

The Wisdomtree Brent Crude Oil 3x Daily ETF is extremely overbought on RSI14 (84). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.

Our recommended stop-loss: £42.64 (-3.41%) (This ETF has high daily movements and this gives high risk. The RSI14 is 84 and this increases the risk substantially. There is a sell signal from a pivot top found 15 days ago.)

Trading Expectations (3BRL.L) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Wisdomtree Brent Crude Oil 3x Daily Leveraged Etn to open at £44.71, and during the day (based on 14 day Average True Range), to move between £42.43 and £45.85, which gives a possible trading interval of +/-£1.71 (+/-3.87%) up or down from last closing price. If Wisdomtree Brent Crude Oil 3x Daily Leveraged Etn takes out the full calculated possible swing range there will be an estimated 7.73% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at £45.04 (2.04%) than the support at £37.42 (15.22%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Wisdomtree Brent Crude Oil 3x Daily Leveraged Etn ETF A Buy?

Wisdomtree Brent Crude Oil 3x Daily holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Upgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Wisdomtree Brent Crude Oil 3x Daily Leveraged Etn of Monday, July 1, 2024

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