Global X Clean Water ETF Forecast

Green day on Tuesday for Global X Clean Water
(Updated on May 07, 2024)

AQWA Signals & Forecast

The Global X Clean Water 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 $17.41 and $17.18. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 8.08%. Further rise is indicated until a new top pivot has been found. 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. 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 Global X Clean Water ETF

Global X Clean Water finds support from accumulated volume at $17.33 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.0987 between high and low, or 0.553%. For the last week the ETF has had daily average volatility of 0.596%

The Global X Clean Water 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: $17.20 (-3.99%) (This ETF has low daily movements and this gives low risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 15 days ago.)

Trading Expectations (AQWA) For The Upcoming Trading Day Of Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect Global X Clean Water ETF to open at $17.90, and during the day (based on 14 day Average True Range), to move between $17.74 and $18.10, which gives a possible trading interval of +/-$0.181 (+/-1.01%) up or down from last closing price. If Global X Clean Water ETF takes out the full calculated possible swing range there will be an estimated 2.02% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $17.33, some $0.590 (3.29%) from the current price of $17.92, our system finds the risk reward attractive.

Is Global X Clean Water ETF ETF A Buy?

Global X Clean Water 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: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Global X Clean Water ETF of Wednesday, May 8, 2024

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