Leverage Shares 2x Amazon Etc A ETF Forecast
Weaker technical forecast for Leverage Shares 2x Amazon Etc A as ETF downgraded to Hold/Accumulate.
(Updated on Jun 25, 2024)
The Leverage Shares 2x Amazon Etc A ETF price fell by -1.22% on the last day (Tuesday, 25th Jun 2024) from $73.34 to $72.44. During the last trading day the ETF fluctuated 3.50% from a day low at $70.14 to a day high of $72.60. The price has been going up and down for this period, and there has been a 4.01% gain for the last 2 weeks. Volume has increased on the last day by 208 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, 903 shares were bought and sold for approximately $65.41 thousand.
The ETFis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $74.75 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Leverage Shares 2x Amazon Etc A ETF with a 90% probability to be traded between $60.10 and $74.07 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AMZ2.L Signals & Forecast
The Leverage Shares 2x Amazon Etc A 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 $69.93 and $69.67. 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 24, 2024, and so far it has fallen -1.22%. Further fall is indicated until a new bottom pivot has been found. Leverage Shares 2x Amazon Etc A 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 Leverage Shares 2x Amazon Etc A ETF
Leverage Shares 2x Amazon Etc A finds support from accumulated volume at $69.25 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 and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $2.46 between high and low, or 3.50%. For the last week, the ETF has had daily average volatility of 1.52%.
Our recommended stop-loss: $70.49 (-2.68%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (AMZ2.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Leverage Shares 2x Amazon Etc A to open at $71.72, and during the day (based on 14 day Average True Range), to move between $70.75 and $74.12, which gives a possible trading interval of +/-$1.69 (+/-2.33%) up or down from last closing price. If Leverage Shares 2x Amazon Etc A takes out the full calculated possible swing range there will be an estimated 4.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $72.89 (0.62%) than the support at $69.25 (4.40%), 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 Leverage Shares 2x Amazon Etc A ETF A Buy?
Leverage Shares 2x Amazon Etc A holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, 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: -0.174 Hold/Accumulate Downgraded
Predicted Opening Price for Leverage Shares 2x Amazon Etc A of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $71.72 ( 0.98%) | $72.44 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMZ2.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 74.18 | 2.40% |
| R2 | 73.24 | 1.11% |
| R1 | 72.66 | 0.310% |
| Price | 72.44 | |
| S1 | 70.79 | -2.28% |
| S2 | 70.21 | -3.08% |
| S3 | 69.27 | -4.37% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 74.01 | 2.17% |
| R2 | 73.34 | 1.24% |
| R1 | 72.89 | 0.625% |
| Price | 72.44 | |
| S1 | 69.25 | -4.40% |
| S2 | 67.47 | -6.85% |
| S3 | 65.29 | -9.87% |
FAQ
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