Graniteshares 3x Long Astrazeneca Daily ETF Forecast
Graniteshares 3x Long Astrazeneca Daily ETF price up 0.529% on Tuesday
(Updated on Jun 25, 2024)
The Graniteshares 3x Long Astrazeneca Daily ETF price gained 0.529% on the last trading day (Tuesday, 25th Jun 2024), rising from £4,723.00 to £4,748.00. During the last trading day the ETF fluctuated 3.69% from a day low at £4,579.00 to a day high of £4,748.00. The price has risen in 5 of the last 10 days but is still down by -1.19% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 23 more shares were traded than the day before. In total, 26 shares were bought and sold for approximately £123.45 thousand.
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 61.91% during the next 3 months and, with a 90% probability hold a price between £7,459.08 and £8,354.66 at the end of this 3-month period.
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3LAZ.L Signals & Forecast
The Graniteshares 3x Long Astrazeneca 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 £4,683.93 and £4,538.77. 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). Graniteshares 3x Long Astrazeneca 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 Monday, June 10, 2024, and so far it has fallen -2.57%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Graniteshares 3x Long Astrazeneca Daily ETF
On the downside, the ETF finds support just below today's level from accumulated volume at £4,474.00 and £4,307.50. 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 Astrazeneca Daily finds support just below today's level at £4,474.00. If this is broken, then the next support from accumulated volume will be at £4,307.50 and £3,618.00.
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 £169.00 between high and low, or 3.69%. For the last week, the ETF has had daily average volatility of 1.28%.
Our recommended stop-loss: £4,558.12 (-4.00%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (3LAZ.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Graniteshares 3x Long Astrazeneca Daily Etc to open at £4,691.67, and during the day (based on 14 day Average True Range), to move between £4,617.23 and £4,878.77, which gives a possible trading interval of +/-£130.77 (+/-2.75%) up or down from last closing price. If Graniteshares 3x Long Astrazeneca Daily Etc takes out the full calculated possible swing range there will be an estimated 5.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £4,805.00 (1.20%) than the support at £4,474.00 (5.77%), 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 Graniteshares 3x Long Astrazeneca Daily Etc ETF A Buy?
Graniteshares 3x Long Astrazeneca Daily 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: 6.272 Strong Buy Candidate Unchanged
Predicted Opening Price for Graniteshares 3x Long Astrazeneca Daily Etc of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| £4,691.67 ( 1.19%) | £4,748.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LAZ.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4,860.67 | 2.37% |
| R2 | 4,796.11 | 1.01% |
| R1 | 4,756.22 | 0.173% |
| Price | 4,748.00 | |
| S1 | 4,627.11 | -2.55% |
| S2 | 4,587.22 | -3.39% |
| S3 | 4,522.67 | -4.75% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4,873.00 | 2.63% |
| R2 | 4,827.00 | 1.66% |
| R1 | 4,805.00 | 1.20% |
| Price | 4,748.00 | |
| S1 | 4,474.00 | -5.77% |
| S2 | 4,307.50 | -9.28% |
| S3 | 3,618.00 | -23.80% |
FAQ
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