Graniteshares 3x Long Rolls-royce Daily ETF Forecast
Volatile ride for Graniteshares 3x Long Rolls-royce Daily ETF price on Tuesday moving between £57,235.00 and £64,975.00
(Updated on Jun 25, 2024)
The Graniteshares 3x Long Rolls-royce Daily ETF price fell by -7.57% on the last day (Tuesday, 25th Jun 2024) from £69,197.50 to £63,960.00. During the last trading day the ETF fluctuated 13.52% from a day low at £57,235.00 to a day high of £64,975.00. The price has risen in 6 of the last 10 days but is still down by -1.63% for this period. Volume has increased on the last day by 841 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, 4 thousand shares were bought and sold for approximately £238.57 million.
The ETF lies in the middle of a very wide and strong 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 23.96% during the next 3 months and, with a 90% probability hold a price between £69,223.82 and £89,348.35 at the end of this 3-month period.
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3LRR.L Signals & Forecast
The Graniteshares 3x Long Rolls-royce Daily ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately £66,040.36. On a fall, the ETF will find some support from the long-term average at approximately £58,496.14. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 20, 2024, and so far it has fallen -10.67%. 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 Rolls-royce Daily ETF
On the downside, the ETF finds support just below today's level from accumulated volume at £57,440.00 and £55,907.50. 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, Graniteshares 3x Long Rolls-royce Daily finds support just below today's level at £57,440.00. If this is broken, then the next support from accumulated volume will be at £55,907.50 and £48,720.00.
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 £7,740.00 between high and low, or 13.52%. For the last week, the ETF has had daily average volatility of 13.21%.
Our recommended stop-loss: £60,813.17 (-4.92%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 42 days ago.)
Trading Expectations (3LRR.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Graniteshares 3x Long Rolls-royce Daily Etc to open at £62,056.67, and during the day (based on 14 day Average True Range), to move between £57,678.42 and £70,241.58, which gives a possible trading interval of +/-£6,281.58 (+/-9.82%) up or down from last closing price. If Graniteshares 3x Long Rolls-royce Daily Etc takes out the full calculated possible swing range there will be an estimated 19.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £64,962.50 (1.57%) than the support at £57,440.00 (10.19%), 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 Rolls-royce Daily Etc ETF A Buy?
Graniteshares 3x Long Rolls-royce Daily 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.369 Hold/Accumulate Downgraded
Predicted Opening Price for Graniteshares 3x Long Rolls-royce Daily Etc of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| £62,056.67 ( 2.98%) | £63,960.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LRR.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 69,796.67 | 9.13% |
| R2 | 66,839.99 | 4.50% |
| R1 | 65,013.35 | 1.65% |
| Price | 63,960.00 | |
| S1 | 59,099.99 | -7.60% |
| S2 | 57,273.35 | -10.45% |
| S3 | 54,316.67 | -15.08% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 69,197.50 | 8.19% |
| R2 | 67,080.00 | 4.88% |
| R1 | 64,962.50 | 1.57% |
| Price | 63,960.00 | |
| S1 | 57,440.00 | -10.19% |
| S2 | 55,907.50 | -12.59% |
| S3 | 48,720.00 | -23.83% |
FAQ
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