Wisdomtree Gold 3x Daily Leveraged ETF Forecast
Red day on Tuesday for Wisdomtree Gold 3x Daily Leveraged ETF after losing 0.96%
(Updated on Jun 25, 2024)
The Wisdomtree Gold 3x Daily Leveraged ETF price fell by -0.96% on the last day (Tuesday, 25th Jun 2024) from £3,751.50 to £3,715.50. During the last trading day the ETF fluctuated 0.92% from a day low at £3,713.00 to a day high of £3,747.00. The price has fallen in 6 of the last 10 days and is down by -6.86% 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 -510 shares and in total, 3 thousand shares were bought and sold for approximately £10.72 million.
The ETF is moving within a very 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 Leveraged ETF with a 90% probability to be traded between £3,169.37 and £4,263.14 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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3LGO.L Signals & Forecast
There are few to no technical positive signals at the moment. The Wisdomtree Gold 3x Daily Leveraged ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £3,760.07 and £3,897.44. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -14.76%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Wisdomtree Gold 3x Daily Leveraged ETF
Wisdomtree Gold 3x Daily Leveraged finds support from accumulated volume at £3,630.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 £34.00 between high and low, or 0.92%. For the last week, the ETF has had daily average volatility of 2.10%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (3LGO.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Wisdomtree Gold 3x Daily Leveraged to open at £3,725.17, and during the day (based on 14 day Average True Range), to move between £3,591.21 and £3,839.79, which gives a possible trading interval of +/-£124.29 (+/-3.35%) up or down from last closing price. If Wisdomtree Gold 3x Daily Leveraged takes out the full calculated possible swing range there will be an estimated 6.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £3,777.00 (1.66%) than the support at £3,630.00 (2.30%), 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 Leveraged ETF A Buy?
Wisdomtree Gold 3x Daily Leveraged holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -3.641 Sell Candidate Unchanged
Predicted Opening Price for Wisdomtree Gold 3x Daily Leveraged of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| £3,725.17 ( 0.260%) | £3,715.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LGO.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3,759.17 | 1.18% |
| R2 | 3,746.18 | 0.83% |
| R1 | 3,738.15 | 0.610% |
| Price | 3,715.50 | |
| S1 | 3,712.18 | -0.0894% |
| S2 | 3,704.15 | -0.305% |
| S3 | 3,691.17 | -0.655% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4,132.50 | 11.22% |
| R2 | 3,891.00 | 4.72% |
| R1 | 3,777.00 | 1.66% |
| Price | 3,715.50 | |
| S1 | 3,630.00 | -2.30% |
| S2 | 3,430.00 | -7.68% |
| S3 | 3,323.50 | -10.55% |
FAQ
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