Graniteshares 3x Long Amazon Daily Etp ETF Forecast
Evaluation of Graniteshares 3x Long Amazon Daily Etp ETF downgraded after the last trading session.
(Updated on Jun 19, 2024)
The Graniteshares 3x Long Amazon Daily Etp ETF price gained 0.95% on the last trading day (Wednesday, 19th Jun 2024), rising from £56.79 to £57.33. During the last trading day the ETF fluctuated 5.34% from a day low at £57.33 to a day high of £60.39. The price has been going up and down for this period, and there has been a 5.88% gain for the last 2 weeks. Volume fell on the last day by -270 shares and in total, 24 shares were bought and sold for approximately £1.38 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -3.33% during the next 3 months and, with a 90% probability hold a price between £46.74 and £63.85 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
3LZN.L Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Graniteshares 3x Long Amazon Daily Etp 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 £58.96 and £59.47. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 12, 2024, and so far it has fallen -9.26%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Graniteshares 3x Long Amazon Daily Etp ETF
Graniteshares 3x Long Amazon Daily Etp finds support from accumulated volume at £55.15 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, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved £3.06 between high and low, or 5.34%. For the last week the ETF has had daily average volatility of 6.03%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (3LZN.L) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Graniteshares 3x Long Amazon Daily Etp to open at £58.35, and during the day (based on 14 day Average True Range), to move between £54.23 and £60.43, which gives a possible trading interval of +/-£3.10 (+/-5.40%) up or down from last closing price. If Graniteshares 3x Long Amazon Daily Etp takes out the full calculated possible swing range there will be an estimated 10.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at £57.96 (1.10%) than the support at £55.15 (3.80%), 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 Amazon Daily Etp ETF A Buy?
Graniteshares 3x Long Amazon Daily Etp holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.088 Strong Sell Candidate Downgraded
Predicted Opening Price for Graniteshares 3x Long Amazon Daily Etp of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| £58.35 ( 1.78%) | £57.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3LZN.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 61.41 | 7.12% |
| R2 | 60.24 | 5.08% |
| R1 | 59.52 | 3.82% |
| Price | 57.33 | |
| S1 | 57.18 | -0.260% |
| S2 | 56.46 | -1.52% |
| S3 | 55.29 | -3.56% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 61.74 | 7.69% |
| R2 | 58.88 | 2.70% |
| R1 | 57.96 | 1.10% |
| Price | 57.33 | |
| S1 | 55.15 | -3.80% |
| S2 | 53.44 | -6.79% |
| S3 | 51.13 | -10.81% |
FAQ
Click here for our free guide on how to buy Graniteshares 3x Long Amazon Daily Etp ETF.
