ProShares Trust - ProShares Short ETF Forecast

ProShares Trust - ProShares Short ETF upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jul 02, 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 $8.27. On a fall, the ETF will find some support from the long-term average at approximately $7.71. 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. 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 Monday, June 24, 2024, and so far it has fallen -4.90%. Further fall is indicated until a new bottom pivot has been found.

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

On the downside, the ETF finds support just below today's level from accumulated volume at $7.54 and $7.41. 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 Trust - ProShares Short finds support just below today's level at $7.54. If this is broken, then the next support from accumulated volume will be at $7.41 and $7.34.

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 $0.185 between high and low, or 2.31%. For the last week, the ETF has had daily average volatility of 2.48%.

Our recommended stop-loss: $7.87 (-3.50%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 18 days ago.)

Trading Expectations (BITI) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect ProShares Trust - ProShares Short Bitcoin Strategy ETF to open at $8.11, and during the day (based on 14 day Average True Range), to move between $7.84 and $8.46, which gives a possible trading interval of +/-$0.306 (+/-3.76%) 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 7.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $8.16 (0.12%) than the support at $7.54 (7.48%), 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 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.579 Hold/Accumulate Upgraded

Predicted Opening Price for ProShares Trust - ProShares Short Bitcoin Strategy ETF of Wednesday, July 3, 2024

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