Graniteshares 2x Long Amzn Daily Etf ETF Forecast
Is Graniteshares 2x Long Amzn Daily Etf ETF still a buy after falling -5.10% on Friday?
(Updated on Jun 28, 2024)
The Graniteshares 2x Long Amzn Daily Etf ETF price fell by -5.10% on the last day (Friday, 28th Jun 2024) from $30.99 to $29.41. During the last trading day the ETF fluctuated 6.87% from a day low at $29.12 to a day high of $31.12. The price has risen in 6 of the last 10 days and is up by 9.59% 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 -725 shares and in total, 222 thousand shares were bought and sold for approximately $6.54 million.
The ETF lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 2.05% during the next 3 months and, with a 90% probability hold a price between $25.38 and $31.64 at the end of this 3-month period.
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AMZZ Signals & Forecast
The Graniteshares 2x Long Amzn Daily Etf 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 $28.62 and $27.25. 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 Thursday, June 27, 2024, and so far it has fallen -5.10%. Further fall is indicated until a new bottom pivot has been found. 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 Graniteshares 2x Long Amzn Daily Etf ETF
Graniteshares 2x Long Amzn Daily Etf finds support from accumulated volume at $28.26 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 $2.00 between high and low, or 6.87%. For the last week, the ETF has had daily average volatility of 6.06%.
Our recommended stop-loss: $28.27 (-3.88%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 19 days ago.)
Trading Expectations (AMZZ) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Graniteshares 2x Long Amzn Daily Etf to open at $29.88, and during the day (based on 14 day Average True Range), to move between $28.19 and $30.63, which gives a possible trading interval of +/-$1.22 (+/-4.14%) up or down from last closing price. If Graniteshares 2x Long Amzn Daily Etf takes out the full calculated possible swing range there will be an estimated 8.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $29.61 (0.68%) than the support at $28.26 (3.91%), 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 2x Long Amzn Daily Etf ETF A Buy?
Graniteshares 2x Long Amzn Daily Etf 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.
Current score: 0.582 Hold/Accumulate Unchanged
Predicted Opening Price for Graniteshares 2x Long Amzn Daily Etf of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $29.88 ( 1.61%) | $29.41 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMZZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 31.88 | 8.41% |
| R2 | 31.12 | 5.81% |
| R1 | 30.65 | 4.21% |
| Price | 29.41 | |
| S1 | 29.12 | -0.99% |
| S2 | 28.65 | -2.59% |
| S3 | 27.88 | -5.19% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 30.99 | 5.37% |
| R1 | 29.61 | 0.680% |
| Price | 29.41 | |
| S1 | 28.26 | -3.91% |
| S2 | 27.46 | -6.63% |
| S3 | 24.96 | -15.13% |
FAQ
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