Graniteshares 3x Long Alphabet Daily Etp ETF Forecast
Graniteshares 3x Long Alphabet Daily Etp ETF price ended at £62.30 on Wednesday, after gaining 0.711%.
(Updated on Jun 26, 2024)
The Graniteshares 3x Long Alphabet Daily Etp ETF price gained 0.711% on the last trading day (Wednesday, 26th Jun 2024), rising from £61.86 to £62.30. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 4.40% from a day low at £62.02 to a day high of £64.75. The price has risen in 7 of the last 10 days and is up by 8.01% over the past 2 weeks. Volume fell on the last day by -1 thousand shares and in total, 249 shares were bought and sold for approximately £15.51 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 47.40% during the next 3 months and, with a 90% probability hold a price between £84.47 and £101.18 at the end of this 3-month period.
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3LAL.L Signals & Forecast
The Graniteshares 3x Long Alphabet Daily Etp 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 £58.98 and £55.27. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 21.40%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Graniteshares 3x Long Alphabet Daily Etp ETF
On the downside, the ETF finds support just below today's level from accumulated volume at £56.89 and £54.05. 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, Graniteshares 3x Long Alphabet Daily Etp finds support just below today's level at £56.89. If this is broken, then the next support from accumulated volume will be at £54.05 and £53.40.
This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved £2.73 between high and low, or 4.40%. For the last week the ETF has had daily average volatility of 2.84%.
Our recommended stop-loss: £59.87 (-3.90%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (3LAL.L) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Graniteshares 3x Long Alphabet Daily Etp to open at £63.02, and during the day (based on 14 day Average True Range), to move between £59.50 and £65.10, which gives a possible trading interval of +/-£2.80 (+/-4.49%) up or down from last closing price. If Graniteshares 3x Long Alphabet Daily Etp takes out the full calculated possible swing range there will be an estimated 8.99% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ £56.89, some £5.41 (8.68%) from the current price of £62.30, our system finds the risk reward attractive.
Is Graniteshares 3x Long Alphabet Daily Etp ETF A Buy?
Graniteshares 3x Long Alphabet Daily Etp holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 6.311 Strong Buy Candidate Unchanged
Predicted Opening Price for Graniteshares 3x Long Alphabet Daily Etp of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| £63.02 ( 1.16%) | £62.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LAL.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 65.75 | 5.54% |
| R2 | 64.71 | 3.87% |
| R1 | 64.07 | 2.83% |
| Price | 62.30 | |
| S1 | 61.98 | -0.513% |
| S2 | 61.34 | -1.55% |
| S3 | 60.29 | -3.22% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 62.30 | |
| S1 | 56.89 | -8.68% |
| S2 | 54.05 | -13.24% |
| S3 | 53.40 | -14.29% |
FAQ
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