GraniteShares 1.75x Long BABA Daily ETF Forecast

GraniteShares 1.75x Long BABA Daily ETF upgraded from Hold/Accumulate to Strong Buy Candidate after Friday trading session.
(Updated on May 03, 2024)

BABX Signals & Forecast

Mostly positive signals in the chart today. The GraniteShares 1.75x Long BABA Daily 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 $14.92 and $13.64. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 37.91%. 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). Volume is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for GraniteShares 1.75x Long BABA Daily ETF

GraniteShares 1.75x Long BABA Daily finds support from accumulated volume at $16.23 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.670 between high and low, or 4.19%. For the last week, the ETF has had daily average volatility of 5.02%.

The GraniteShares 1.75x Long BABA Daily 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 and the RSI is still moving upwards. 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: $16.03 (-3.38%) (This ETF has high daily movements and this gives high risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 12 days ago.)

Trading Expectations (BABX) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect GraniteShares 1.75x Long BABA Daily ETF to open at $16.40, and during the day (based on 14 day Average True Range), to move between $15.93 and $17.25, which gives a possible trading interval of +/-$0.662 (+/-3.99%) up or down from last closing price. If GraniteShares 1.75x Long BABA Daily ETF takes out the full calculated possible swing range there will be an estimated 7.98% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $16.23, some $0.360 (2.17%) from the current price of $16.59, our system finds the risk reward attractive.

Is GraniteShares 1.75x Long BABA Daily ETF ETF A Buy?

GraniteShares 1.75x Long BABA Daily holds several positive signals and despite the ETF being in a falling trend, we considered it to be a good choice at these current levels. We expect GraniteShares 1.75x Long BABA Daily ETF will perform very well in the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.

Current score: 5.780 Strong Buy Candidate Upgraded

Predicted Opening Price for GraniteShares 1.75x Long BABA Daily ETF of Monday, May 6, 2024

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