ProShares Trust - ProShares Short ETF Forecast

ProShares Trust - ProShares Short ETF downgraded to Hold/Accumulate
(Updated on May 03, 2024)

BITI Signals & Forecast

The ProShares Trust - ProShares Short ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $8.44. On a fall, the ETF will find some support from the long-term average at approximately $7.94. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 14.42%. 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 rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

Support, Risk & Stop-loss for ProShares Trust - ProShares Short ETF

ProShares Trust - ProShares Short finds support from accumulated volume at $7.90 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 $0.156 between high and low, or 1.90%. For the last week, the ETF has had daily average volatility of 3.19%.

Our recommended stop-loss: $8.00 (-2.98%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 36 days ago.)

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

For the upcoming trading day on Monday, 6th we expect ProShares Trust - ProShares Short Bitcoin Strategy ETF to open at $8.29, and during the day (based on 14 day Average True Range), to move between $7.88 and $8.62, which gives a possible trading interval of +/-$0.374 (+/-4.54%) up or down from last closing price. If ProShares Trust - ProShares Short Bitcoin Strategy ETF takes out the full calculated possible swing range there will be an estimated 9.07% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $7.90 (4.24%) than the resistance at $8.61 (4.36%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ProShares Trust - ProShares Short Bitcoin Strategy ETF ETF A Buy?

ProShares Trust - ProShares Short 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: 0.505 Hold/Accumulate Downgraded

Predicted Opening Price for ProShares Trust - ProShares Short Bitcoin Strategy ETF of Monday, May 6, 2024

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