Graniteshares 3x Long Lloyds Banking ETF Forecast
Red day on Friday for Graniteshares 3x Long Lloyds Banking
(Updated on Jun 28, 2024)
The Graniteshares 3x Long Lloyds Banking ETF price fell by -3.75% on the last day (Friday, 28th Jun 2024) from £5,236.50 to £5,040.00. During the last trading day the ETF fluctuated 8.84% from a day low at £4,967.00 to a day high of £5,406.00. The price has risen in 5 of the last 10 days and is up by 4.09% over the past 2 weeks. Volume has increased on the last day by 536 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 536 shares were bought and sold for approximately £2.70 million.
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 £4,952.22 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 25.68% during the next 3 months and, with a 90% probability hold a price between £6,223.86 and £7,759.89 at the end of this 3-month period.
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3LLL.L Signals & Forecast
There are few to no technical positive signals at the moment. The Graniteshares 3x Long Lloyds Banking ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at £5,232.86 and £5,182.57. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -11.38%. 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 rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for Graniteshares 3x Long Lloyds Banking ETF
On the downside, the ETF finds support just below today's level from accumulated volume at £4,590.00 and £4,537.00. 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 Lloyds Banking finds support just below today's level at £4,590.00. If this is broken, then the next support from accumulated volume will be at £4,537.00 and £4,394.00.
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 £439.00 between high and low, or 8.84%. For the last week, the ETF has had daily average volatility of 3.11%.
Our recommended stop-loss: £4,785.98 (-5.04%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 47 days ago.)
Trading Expectations (3LLL.L) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Graniteshares 3x Long Lloyds Banking Group Daily Etc to open at £5,137.67, and during the day (based on 14 day Average True Range), to move between £4,825.90 and £5,254.10, which gives a possible trading interval of +/-£214.10 (+/-4.25%) up or down from last closing price. If Graniteshares 3x Long Lloyds Banking Group Daily Etc takes out the full calculated possible swing range there will be an estimated 8.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £5,131.50 (1.82%) than the support at £4,590.00 (8.93%), 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 Lloyds Banking Group Daily Etc ETF A Buy?
Graniteshares 3x Long Lloyds Banking holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
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 Lloyds Banking Group Daily Etc of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| £5,137.67 ( 1.94%) | £5,040.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LLL.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5,576.67 | 10.65% |
| R2 | 5,408.97 | 7.32% |
| R1 | 5,305.36 | 5.27% |
| Price | 5,040.00 | |
| S1 | 4,969.97 | -1.39% |
| S2 | 4,866.36 | -3.45% |
| S3 | 4,698.67 | -6.77% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5,687.50 | 12.85% |
| R2 | 5,598.50 | 11.08% |
| R1 | 5,131.50 | 1.82% |
| Price | 5,040.00 | |
| S1 | 4,590.00 | -8.93% |
| S2 | 4,537.00 | -9.98% |
| S3 | 4,394.00 | -12.82% |
FAQ
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