Wisdomtree Gold 3x Daily Short ETF Forecast
Wisdomtree Gold 3x Daily Short ETF upgraded to Buy Candidate.
(Updated on Jun 28, 2024)
The Wisdomtree Gold 3x Daily Short ETF price fell by -0.256% on the last day (Friday, 28th Jun 2024) from 12.50€ to 12.47€. During the last trading day the ETF fluctuated 1.84% from a day low at 12.31€ to a day high of 12.54€. The price has fallen in 6 of the last 10 days and is down by -0.05% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -10 thousand shares and in total, 3 thousand shares were bought and sold for approximately 41.85€ thousand.
The ETF is moving within a 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 Short ETF with a 90% probability to be traded between 10.92€ and 13.11€ 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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3GOS.MI Signals & Forecast
The Wisdomtree Gold 3x Daily Short ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately 12.49€. On a fall, the ETF will find some support from the long-term average at approximately 12.12€. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Wednesday, June 26, 2024, and so far it has fallen -3.74%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Wednesday, June 26, 2024 and based on theory for this formation the price should fall by -17.46% to 10.29€ within 38 trading days since signal was issued (Tuesday, August 20, 2024).
Support, Risk & Stop-loss for Wisdomtree Gold 3x Daily Short ETF
Wisdomtree Gold 3x Daily Short finds support from accumulated volume at 12.09€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have controlled movements and therefore the general risk is considered 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 0.226€ between high and low, or 1.84%. For the last week the ETF has had daily average volatility of 2.59%.
Our recommended stop-loss: 11.88€ (-4.70%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 28 days ago.)
Trading Expectations (3GOS.MI) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Wisdomtree Gold 3x Daily Short to open at 12.44€, and during the day (based on 14 day Average True Range), to move between 12.05€ and 12.88€, which gives a possible trading interval of +/-0.413€ (+/-3.31%) up or down from last closing price. If Wisdomtree Gold 3x Daily Short takes out the full calculated possible swing range there will be an estimated 6.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 12.65€ (1.48%) than the support at 12.09€ (3.00%), 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 Gold 3x Daily Short ETF A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Wisdomtree Gold 3x Daily Short ETF to perform well in the short-term period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.348 Buy Candidate Upgraded
Predicted Opening Price for Wisdomtree Gold 3x Daily Short of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| 12.44€ ( 0.209%) | 12.47€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3GOS.MI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 12.67 | 1.60% |
| R2 | 12.58 | 0.91% |
| R1 | 12.53 | 0.484% |
| Price | 12.47 | |
| S1 | 12.35 | -0.90% |
| S2 | 12.30 | -1.33% |
| S3 | 12.21 | -2.02% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 12.94 | 3.80% |
| R2 | 12.85 | 3.08% |
| R1 | 12.65 | 1.48% |
| Price | 12.47 | |
| S1 | 12.09 | -3.00% |
| S2 | 11.64 | -6.63% |
| S3 | 11.47 | -7.99% |
FAQ
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