Graniteshares 3x Long Nvidia Daily Etp ETF Forecast

Graniteshares 3x Long Nvidia Daily Etp ETF upgraded from Strong Sell Candidate to Sell Candidate after Wednesday trading session.
(Updated on Jun 19, 2024)

3LNV.L Signals & Forecast

There are mixed signals in the ETF today. The Graniteshares 3x Long Nvidia Daily Etp ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at £178.37. On a fall, the ETF will find some support from the short-term average at £54.42. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen -3.32%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Graniteshares 3x Long Nvidia Daily Etp ETF

Graniteshares 3x Long Nvidia Daily Etp finds support from accumulated volume at £57.22 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 6.30%

Graniteshares 3x Long Nvidia Daily Etp is oversold on RSI14 (23). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (3LNV.L) For The Upcoming Trading Day Of Thursday 20th

For the upcoming trading day on Thursday, 20th we expect Graniteshares 3x Long Nvidia Daily Etp to open at £57.87, and during the day (based on 14 day Average True Range), to move between £26.11 and £89.63, which gives a possible trading interval of +/-£31.76 (+/-54.88%) up or down from last closing price. If Graniteshares 3x Long Nvidia Daily Etp takes out the full calculated possible swing range there will be an estimated 109.76% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at £57.22 (1.12%) than the resistance at £59.86 (3.43%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Graniteshares 3x Long Nvidia Daily Etp ETF A Buy?

Graniteshares 3x Long Nvidia Daily Etp holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Strong Sell to a Sell candidate.

Current score: -4.092 Sell Candidate Upgraded

Predicted Opening Price for Graniteshares 3x Long Nvidia Daily Etp of Thursday, June 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.