ProShares Trust - ProShares Short ETF Forecast
ProShares Trust - ProShares Short ETF downgraded from Sell Candidate to Strong Sell Candidate after Friday trading session.
(Updated on May 17, 2024)
The ProShares Trust - ProShares Short ETF price fell by -2.94% on the last day (Friday, 17th May 2024) from $7.83 to $7.60. During the last trading day the ETF fluctuated 2.89% from a day low at $7.54 to a day high of $7.76. The price has been going up and down for this period, and there has been a -7.88% loss for the last 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -2 million shares and in total, 7 million shares were bought and sold for approximately $51.61 million.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -9.85% during the next 3 months and, with a 90% probability hold a price between $5.85 and $7.99 at the end of this 3-month period.
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BITI Signals & Forecast
There are few to no technical positive signals at the moment. The ProShares Trust - ProShares Short ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $8.04 and $8.02. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 01, 2024, and so far it has fallen -16.02%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for ProShares Trust - ProShares Short ETF
ProShares Trust - ProShares Short finds support from accumulated volume at $7.42 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 $0.218 between high and low, or 2.89%. For the last week, the ETF has had daily average volatility of 2.79%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BITI) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect ProShares Trust - ProShares Short Bitcoin Strategy ETF to open at $7.63, and during the day (based on 14 day Average True Range), to move between $7.25 and $7.95, which gives a possible trading interval of +/-$0.352 (+/-4.63%) 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 9.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.63 (0.39%) than the support at $7.42 (2.37%), 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 negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.327 Strong Sell Candidate Downgraded
Predicted Opening Price for ProShares Trust - ProShares Short Bitcoin Strategy ETF of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $7.63 ( 0.430%) | $7.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BITI
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.85 | 3.30 % | |
| R2 | 7.77 | 2.20 % | ||
| R1 | 7.72 | 1.53 % | ||
| Current price: | 7.60 | |||
| Support | S1 | 7.55 | -0.666 % | |
| S2 | 7.50 | -1.34 % | ||
| S3 | 7.41 | -2.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.61 | 13.29 % | |
| R2 | 7.90 | 3.95 % | ||
| R1 | 7.63 | 0.395 % | ||
| Current price | 7.60 | |||
| Support | S1 | 7.42 | -2.37% | |
| S2 | 7.36 | -3.16% | ||
| S3 | 7.34 | -3.42% |
BITI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 01, 2024 | May 01, 2024 | May 08, 2024 | $0.0202 | 0.244% |
| 2 | Dec 21, 2023 | Apr 01, 2024 | Apr 08, 2024 | $0.0150 | 0.207% |
| 3 | Dec 21, 2023 | Mar 01, 2024 | Mar 08, 2024 | $0.0189 | 0.248% |
| 4 | Dec 21, 2023 | Feb 01, 2024 | Feb 08, 2024 | $0.0177 | 0.147% |
| 5 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.0380 | 0.301% |
FAQ
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