Wisdomtree Wti Crude Oil 3x Daily ETF Forecast
On Friday, Wisdomtree Wti Crude Oil 3x Daily ETF price gained an impressive 6.11%
(Updated on Jun 28, 2024)
The Wisdomtree Wti Crude Oil 3x Daily ETF price gained 6.11% on the last trading day (Friday, 28th Jun 2024), rising from £3,193.00 to £3,388.00. During the last trading day the ETF fluctuated 0.708% from a day low at £3,388.00 to a day high of £3,412.00. The price has risen in 7 of the last 10 days and is up by 17.84% 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, 813 more shares were traded than the day before. In total, 813 shares were bought and sold for approximately £2.75 million.
Given the current short-term trend, the ETF is expected to fall -19.96% during the next 3 months and, with a 90% probability hold a price between £1,753.48 and £2,711.70 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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3LOI.L Signals & Forecast
The Wisdomtree Wti Crude Oil 3x 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 £3,266.36 and £2,978.34. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 41.48%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Wisdomtree Wti Crude Oil 3x Daily ETF
On the downside, the ETF finds support just below today's level from accumulated volume at £3,068.50 and £3,027.50. 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, Wisdomtree Wti Crude Oil 3x Daily finds support just below today's level at £3,068.50. If this is broken, then the next support from accumulated volume will be at £3,027.50 and £2,832.00.
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 £24.00 between high and low, or 0.708%. For the last week, the ETF has had daily average volatility of 1.08%.
The Wisdomtree Wti Crude Oil 3x Daily ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: £3,277.55 (-3.26%) (This ETF has high daily movements and this gives high risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 50 days ago.)
Trading Expectations (3LOI.L) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Wisdomtree Wti Crude Oil 3x Daily Leveraged Etn to open at £3,396.00, and during the day (based on 14 day Average True Range), to move between £3,257.43 and £3,518.57, which gives a possible trading interval of +/-£130.57 (+/-3.85%) up or down from last closing price. If Wisdomtree Wti Crude Oil 3x Daily Leveraged Etn takes out the full calculated possible swing range there will be an estimated 7.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £3,391.00 (0.09%) than the support at £3,068.50 (9.43%), 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 Wti Crude Oil 3x Daily Leveraged Etn ETF A Buy?
Wisdomtree Wti Crude Oil 3x 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. 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 Wisdomtree Wti Crude Oil 3x Daily Leveraged Etn of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| £3,396.00 ( 0.236%) | £3,388.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LOI.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3,420.00 | 0.94% |
| R2 | 3,410.83 | 0.674% |
| R1 | 3,405.17 | 0.507% |
| Price | 3,388.00 | |
| S1 | 3,386.83 | -0.0345% |
| S2 | 3,381.17 | -0.202% |
| S3 | 3,372.00 | -0.472% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3,474.50 | 2.55% |
| R2 | 3,436.00 | 1.42% |
| R1 | 3,391.00 | 0.0885% |
| Price | 3,388.00 | |
| S1 | 3,068.50 | -9.43% |
| S2 | 3,027.50 | -10.64% |
| S3 | 2,832.00 | -16.41% |
FAQ
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