Graniteshares 3x Long Facebook Daily Etp ETF Forecast
Stronger technical forecast for Graniteshares 3x Long Facebook Daily Etp ETF price after Friday trading.
(Updated on Jun 28, 2024)
The Graniteshares 3x Long Facebook Daily Etp ETF price gained 1.98% on the last trading day (Friday, 28th Jun 2024), rising from £59.75 to £60.93. During the last trading day the ETF fluctuated 5.73% from a day low at £60.20 to a day high of £63.65. The price has risen in 5 of the last 10 days and is up by 3.45% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 612 more shares were traded than the day before. In total, 612 shares were bought and sold for approximately £37.29 thousand.
The ETF lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at £65.22 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -10.94% during the next 3 months and, with a 90% probability hold a price between £27.01 and £58.08 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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3LFB.L Signals & Forecast
The Graniteshares 3x Long Facebook 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 £58.06 and £52.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 69.11%. 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). Graniteshares 3x Long Facebook Daily Etp 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Graniteshares 3x Long Facebook Daily Etp ETF
Graniteshares 3x Long Facebook Daily Etp finds support from accumulated volume at £58.81 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved £3.45 between high and low, or 5.73%. For the last week, the ETF has had daily average volatility of 4.90%.
Our recommended stop-loss: £58.70 (-3.66%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 56 days ago.)
Trading Expectations (3LFB.L) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Graniteshares 3x Long Facebook Daily Etp to open at £61.59, and during the day (based on 14 day Average True Range), to move between £57.79 and £64.07, which gives a possible trading interval of +/-£3.14 (+/-5.16%) up or down from last closing price. If Graniteshares 3x Long Facebook Daily Etp takes out the full calculated possible swing range there will be an estimated 10.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £62.78 (3.04%) than the support at £58.81 (3.49%), 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 Facebook Daily Etp ETF A Buy?
Graniteshares 3x Long Facebook Daily Etp 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
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 Facebook Daily Etp of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| £61.59 ( 1.09%) | £60.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LFB.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 65.04 | 6.75% |
| R2 | 63.73 | 4.59% |
| R1 | 62.91 | 3.25% |
| Price | 60.93 | |
| S1 | 60.28 | -1.07% |
| S2 | 59.46 | -2.41% |
| S3 | 58.14 | -4.57% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 72.18 | 18.46% |
| R2 | 70.55 | 15.79% |
| R1 | 62.78 | 3.04% |
| Price | 60.93 | |
| S1 | 58.81 | -3.49% |
| S2 | 58.33 | -4.27% |
| S3 | 52.00 | -14.66% |
FAQ
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