Wisdomtree Gold 3x Daily Leveraged ETF Forecast
Red day on Wednesday for Wisdomtree Gold 3x Daily Leveraged ETF after losing 2.33%
(Updated on Jun 26, 2024)
The Wisdomtree Gold 3x Daily Leveraged ETF price fell by -2.33% on the last day (Wednesday, 26th Jun 2024) from $46.83 to $45.74. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 2.66% from a day low at $45.55 to a day high of $46.76. The price has been going up and down for this period, and there has been a -3.32% loss for the last 2 weeks. Volume has increased on the last day by 1 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 thousand shares were bought and sold for approximately $98.07 thousand.
The ETF is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Wisdomtree Gold 3x Daily Leveraged ETF with a 90% probability to be traded between $40.27 and $53.90 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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3GOL.L Signals & Forecast
There are few to no technical positive signals at the moment. The Wisdomtree Gold 3x Daily Leveraged 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 $47.30 and $49.41. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -17.18%. 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). Wisdomtree Gold 3x Daily Leveraged gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Wisdomtree Gold 3x Daily Leveraged ETF
Wisdomtree Gold 3x Daily Leveraged finds support from accumulated volume at $45.47 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.21 between high and low, or 2.66%. For the last week, the ETF has had daily average volatility of 2.94%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (3GOL.L) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Wisdomtree Gold 3x Daily Leveraged to open at $46.02, and during the day (based on 14 day Average True Range), to move between $43.99 and $47.49, which gives a possible trading interval of +/-$1.75 (+/-3.82%) up or down from last closing price. If Wisdomtree Gold 3x Daily Leveraged takes out the full calculated possible swing range there will be an estimated 7.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $45.47 (0.59%) than the resistance at $48.03 (5.01%), 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 Gold 3x Daily Leveraged ETF A Buy?
Wisdomtree Gold 3x Daily Leveraged 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.
Current score: -1.519 Sell Candidate Unchanged
Predicted Opening Price for Wisdomtree Gold 3x Daily Leveraged of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $46.02 ( 0.605%) | $45.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3GOL.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 47.23 | 3.25% |
| R2 | 46.76 | 2.24% |
| R1 | 46.48 | 1.62% |
| Price | 45.74 | |
| S1 | 45.55 | -0.406% |
| S2 | 45.27 | -1.03% |
| S3 | 44.81 | -2.04% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 50.56 | 10.54% |
| R2 | 49.99 | 9.29% |
| R1 | 48.03 | 5.01% |
| Price | 45.74 | |
| S1 | 45.47 | -0.590% |
| S2 | 43.59 | -4.70% |
| S3 | 41.95 | -8.29% |
FAQ
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