Graniteshares 3x Long Astrazeneca Daily ETF Forecast
Graniteshares 3x Long Astrazeneca Daily ETF downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 28, 2024)
No changes to the price of Graniteshares 3x Long Astrazeneca Daily ETF on the last trading day (Friday, 28th Jun 2024). During the last trading day the ETF fluctuated 0% from a day low at £4,802.00 to a day high of £4,802.00. The price has risen in 4 of the last 10 days and is up by 3.76% over the past 2 weeks.
The ETF lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at £4,680.75 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 49.31% during the next 3 months and, with a 90% probability hold a price between £6,989.05 and £8,395.88 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 £4,752.93 and £4,580.46. 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). 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 27, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
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.
In general the ETF tends to have very controlled movements and therefore the general risk is considered very 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 between high and low, or 0%. For the last week the ETF has had daily average volatility of 0.738%
Our recommended stop-loss: £4,617.60 (-3.84%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (3LAZ.L) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Graniteshares 3x Long Astrazeneca Daily Etc to open at £4,802.00, and during the day (based on 14 day Average True Range), to move between £4,694.00 and £4,910.00, which gives a possible trading interval of +/-£108.00 (+/-2.25%) 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 4.50% 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 (0.06%) than the support at £4,474.00 (6.83%), 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, 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
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 Graniteshares 3x Long Astrazeneca Daily Etc of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
£4,802.00 ( 0%) | £4,802.00 |
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 | 4,802.00 | - |
R2 | 4,802.00 | - |
R1 | 4,802.00 | - |
Price | 4,802.00 | |
S1 | 4,802.00 | - |
S2 | 4,802.00 | - |
S3 | 4,802.00 | - |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 4,873.00 | 1.48% |
R2 | 4,827.00 | 0.521% |
R1 | 4,805.00 | 0.0625% |
Price | 4,802.00 | |
S1 | 4,474.00 | -6.83% |
S2 | 4,307.50 | -10.30% |
S3 | 3,618.00 | -24.66% |
FAQ
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