ProShares UltraShort Nasdaq ETF Forecast
ProShares UltraShort Nasdaq ETF upgraded to Buy Candidate.
(Updated on Apr 25, 2024)
The ProShares UltraShort Nasdaq ETF price gained 2.44% on the last trading day (Thursday, 25th Apr 2024), rising from $20.09 to $20.58. During the last trading day the ETF fluctuated 2.86% from a day low at $20.30 to a day high of $20.88. The price has risen in 7 of the last 10 days and is up by 9.52% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 thousand more shares were traded than the day before. In total, 8 thousand shares were bought and sold for approximately $172.77 thousand.
The ETF lies in the upper part of a wide and strong rising 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 $21.18 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 13.21% during the next 3 months and, with a 90% probability hold a price between $20.48 and $23.98 at the end of this 3-month period.
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BIS Signals & Forecast
The ProShares UltraShort Nasdaq 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 $20.50 and $18.74. 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). ProShares UltraShort Nasdaq has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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, April 18, 2024, and so far it has fallen -1.91%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for ProShares UltraShort Nasdaq ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $17.59 and $17.54. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, ProShares UltraShort Nasdaq finds support just below today's level at $17.59. If this is broken, then the next support from accumulated volume will be at $17.54 and $17.22.
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 $0.580 between high and low, or 2.86%. For the last week, the ETF has had daily average volatility of 2.30%.
Our recommended stop-loss: $19.70 (-4.25%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (BIS) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect ProShares UltraShort Nasdaq Biotechnology to open at $20.59, and during the day (based on 14 day Average True Range), to move between $20.09 and $21.07, which gives a possible trading interval of +/-$0.486 (+/-2.36%) up or down from last closing price. If ProShares UltraShort Nasdaq Biotechnology takes out the full calculated possible swing range there will be an estimated 4.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $20.90 (1.53%) than the support at $17.59 (14.53%), 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 ProShares UltraShort Nasdaq Biotechnology ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ProShares UltraShort Nasdaq ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.053 Buy Candidate Upgraded
Predicted Opening Price for ProShares UltraShort Nasdaq Biotechnology of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $20.59 ( 0.0334%) | $20.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BIS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.17 | 2.85 % | |
| R2 | 20.94 | 1.77 % | ||
| R1 | 20.81 | 1.11 % | ||
| Current price: | 20.58 | |||
| Support | S1 | 20.36 | -1.04 % | |
| S2 | 20.23 | -1.71 % | ||
| S3 | 20.01 | -2.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 20.98 | 1.95 % | ||
| R1 | 20.90 | 1.53 % | ||
| Current price | 20.58 | |||
| Support | S1 | 17.59 | -14.53% | |
| S2 | 17.54 | -14.75% | ||
| S3 | 17.22 | -16.32% |
BIS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.159 | 0.91% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 28, 2023 | $0.176 | 0.99% |
| 3 | Sep 19, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.119 | 0.538% |
| 4 | Jun 20, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0210 | 0.100% |
| 5 | Mar 25, 2020 | Mar 25, 2020 | Apr 01, 2020 | $0.104 | 0.171% |
FAQ
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