Graniteshares 3x Long Vodafone Daily ETF Forecast
Graniteshares 3x Long Vodafone Daily ETF upgraded to Hold/Accumulate.
(Updated on Jun 28, 2024)
The Graniteshares 3x Long Vodafone Daily ETF price gained 0.447% on the last trading day (Friday, 28th Jun 2024), rising from £2,798.00 to £2,810.50. During the last trading day the ETF fluctuated 2.41% from a day low at £2,777.00 to a day high of £2,844.00. The price has risen in 6 of the last 10 days and is up by 1.13% 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, 153 more shares were traded than the day before. In total, 153 shares were bought and sold for approximately £430.01 thousand.
The ETF has broken the very wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at £2,856.60. A reaction back to this level may hold a second chance to get out before further falls.
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3LVO.L Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Graniteshares 3x Long Vodafone Daily 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Graniteshares 3x Long Vodafone Daily ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £2,947.29 and £2,976.08. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 20, 2024, and so far it has fallen -10.27%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Graniteshares 3x Long Vodafone Daily ETF
On the downside, the ETF finds support just below today's level from accumulated volume at £2,537.00 and £2,351.00. 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 Vodafone Daily finds support just below today's level at £2,537.00. If this is broken, then the next support from accumulated volume will be at £2,351.00 and £2,328.75.
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 £67.00 between high and low, or 2.41%. For the last week, the ETF has had daily average volatility of 2.93%.
Our recommended stop-loss: £2,642.22 (-5.99%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 29 days ago.)
Trading Expectations (3LVO.L) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Graniteshares 3x Long Vodafone Daily Exchange Traded Commodity to open at £2,810.50, and during the day (based on 14 day Average True Range), to move between £2,695.47 and £2,925.53, which gives a possible trading interval of +/-£115.03 (+/-4.09%) up or down from last closing price. If Graniteshares 3x Long Vodafone Daily Exchange Traded Commodity takes out the full calculated possible swing range there will be an estimated 8.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £2,912.50 (3.63%) than the support at £2,537.00 (9.73%), 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 Vodafone Daily Exchange Traded Commodity ETF A Buy?
Graniteshares 3x Long Vodafone 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. 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 Graniteshares 3x Long Vodafone Daily Exchange Traded Commodity of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| £2,810.50 ( 0%) | £2,810.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LVO.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2,877.50 | 2.38% |
| R2 | 2,851.91 | 1.47% |
| R1 | 2,836.09 | 0.91% |
| Price | 2,810.50 | |
| S1 | 2,784.91 | -0.91% |
| S2 | 2,769.09 | -1.47% |
| S3 | 2,743.50 | -2.38% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 3,091.50 | 10.00% |
| R2 | 3,030.50 | 7.83% |
| R1 | 2,912.50 | 3.63% |
| Price | 2,810.50 | |
| S1 | 2,537.00 | -9.73% |
| S2 | 2,351.00 | -16.35% |
| S3 | 2,328.75 | -17.14% |
FAQ
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