Csop Hang Seng Index Daily (-2x) Inverse ETF Forecast
Red day on Friday for Csop Hang Seng Index Daily (-2x) Inverse ETF after losing 0.280%
(Updated on Jun 28, 2024)
The Csop Hang Seng Index Daily (-2x) Inverse ETF price fell by -0.280% on the last day (Friday, 28th Jun 2024) from HK$5.36 to HK$5.35. During the last trading day the ETF fluctuated 3.43% from a day low at HK$5.25 to a day high of HK$5.43. The price has risen in 6 of the last 10 days and is up by 1.91% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -27 million shares and in total, 41 million shares were bought and sold for approximately HK$218.04 million.
The ETF lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at HK$5.54 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -19.83% during the next 3 months and, with a 90% probability hold a price between HK$3.05 and HK$4.44 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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7500.HK Signals & Forecast
The Csop Hang Seng Index Daily (-2x) Inverse 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 HK$5.19 and HK$4.99. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 20, 2024, and so far it has risen 20.11%. Further rise is indicated until a new top pivot has been found. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Csop Hang Seng Index Daily (-2x) Inverse ETF
Csop Hang Seng Index Daily (-2x) Inverse finds support from accumulated volume at HK$5.16 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved HK$0.180 (3.43%) between high and low. For the last week, the ETF has had daily average volatility of 3.08%.
Our recommended stop-loss: HK$5.14 (-3.76%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 47 days ago.)
Trading Expectations (7500.HK) For The Upcoming Trading Day Of Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd we expect Csop Hang Seng Index Daily (-2x) Inverse Product to open at HK$5.34, and during the day (based on 14 day Average True Range), to move between HK$5.16 and HK$5.53, which gives a possible trading interval of +/-HK$0.182 (+/-3.41%) up or down from last closing price. If Csop Hang Seng Index Daily (-2x) Inverse Product takes out the full calculated possible swing range there will be an estimated 6.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$5.16 (3.46%) than the resistance at HK$5.55 (3.84%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Csop Hang Seng Index Daily (-2x) Inverse Product ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.
Current score: 1.599 Buy Candidate Unchanged
Predicted Opening Price for Csop Hang Seng Index Daily (-2x) Inverse Product of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| HK$5.34 ( 0.0624%) | HK$5.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 7500.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.52 | 3.31% |
| R2 | 5.45 | 2.02% |
| R1 | 5.41 | 1.22% |
| Price | 5.35 | |
| S1 | 5.27 | -1.35% |
| S2 | 5.23 | -2.14% |
| S3 | 5.16 | -3.43% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.25 | 16.93% |
| R2 | 5.89 | 10.20% |
| R1 | 5.55 | 3.84% |
| Price | 5.35 | |
| S1 | 5.16 | -3.46% |
| S2 | 4.95 | -7.46% |
| S3 | 4.78 | -10.57% |
FAQ
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