Graniteshares 3x Long Spotify Daily Etp ETF Forecast
Graniteshares 3x Long Spotify Daily Etp ETF price ended at 2.00€ on Tuesday, after gaining 1.42%.
(Updated on Jun 25, 2024)
The Graniteshares 3x Long Spotify Daily Etp ETF price gained 1.42% on the last trading day (Tuesday, 25th Jun 2024), rising from 1.97€ to 2.00€. During the last trading day the ETF fluctuated 5.56% from a day low at 1.89€ to a day high of 2.00€. The price has risen in 4 of the last 10 days and is up by 8.42% 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, 533 more shares were traded than the day before. In total, 533 shares were bought and sold for approximately 1.06€ thousand.
The ETF lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 4.16% during the next 3 months and, with a 90% probability hold a price between 1.86€ and 2.33€ at the end of this 3-month period.
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3LPO.MI Signals & Forecast
The Graniteshares 3x Long Spotify 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 1.96€ and 1.93€. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 14.41%. Further rise is indicated until a new top pivot has been found. Graniteshares 3x Long Spotify 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Graniteshares 3x Long Spotify Daily Etp ETF
Graniteshares 3x Long Spotify Daily Etp finds support from accumulated volume at 1.93€ 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 0.105€ between high and low, or 5.56%. For the last week, the ETF has had daily average volatility of 1.54%.
Our recommended stop-loss: 1.92€ (-4.04%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (3LPO.MI) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Graniteshares 3x Long Spotify Daily Etp to open at 1.96€, and during the day (based on 14 day Average True Range), to move between 1.89€ and 2.10€, which gives a possible trading interval of +/-0.105€ (+/-5.26%) up or down from last closing price. If Graniteshares 3x Long Spotify Daily Etp takes out the full calculated possible swing range there will be an estimated 10.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 2.05€ (2.41%) than the support at 1.93€ (3.50%), 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 Spotify Daily Etp ETF A Buy?
Graniteshares 3x Long Spotify 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.
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 Spotify Daily Etp of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| 1.96€ ( 1.76%) | 2.00€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LPO.MI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.07 | 3.51% |
| R2 | 2.03 | 1.50% |
| R1 | 2.00 | 0.256% |
| Price | 2.00 | |
| S1 | 1.92 | -3.77% |
| S2 | 1.90 | -5.01% |
| S3 | 1.86 | -7.02% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.18 | 9.04% |
| R2 | 2.08 | 3.86% |
| R1 | 2.05 | 2.41% |
| Price | 2.00 | |
| S1 | 1.93 | -3.50% |
| S2 | 1.91 | -4.38% |
| S3 | 1.88 | -5.90% |
FAQ
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