Graniteshares 3x Short Square Daily Etp ETF Forecast

Graniteshares 3x Short Square Daily Etp ETF upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Jun 28, 2024)

3SSQ.MI Signals & Forecast

The Graniteshares 3x Short Square 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 23.91€ and 6.19€. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, June 17, 2024, and so far it has fallen -4.34%. Further fall is indicated until a new bottom pivot has been found. Graniteshares 3x Short Square Daily Etp gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Graniteshares 3x Short Square Daily Etp ETF

Graniteshares 3x Short Square Daily Etp finds support from accumulated volume at 23.61€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved 0.515€ between high and low, or 2.12%. For the last week, the ETF has had daily average volatility of 2.23%.

The Graniteshares 3x Short Square Daily Etp 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: 23.68€ (-2.37%) (This ETF has very high daily movements and this gives very high risk. The RSI14 is 86 and this increases the risk substantially. There is a sell signal from a pivot top found 21 days ago.)

Trading Expectations (3SSQ.MI) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Graniteshares 3x Short Square Daily Etp to open at 24.42€, and during the day (based on 14 day Average True Range), to move between 22.78€ and 25.72€, which gives a possible trading interval of +/-1.47€ (+/-6.05%) up or down from last closing price. If Graniteshares 3x Short Square Daily Etp takes out the full calculated possible swing range there will be an estimated 12.09% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at 23.61€ (2.64%) than the resistance at 24.98€ (2.99%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Graniteshares 3x Short Square Daily Etp ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Graniteshares 3x Short Square Daily Etp ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.827 Buy Candidate Upgraded

Predicted Opening Price for Graniteshares 3x Short Square Daily Etp of Monday, July 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.