BOIL ETF Forecast
High volatility in BOIL ETF price on Tuesday which ended trading at $13.55
(Updated on Apr 16, 2024)
The BOIL ETF price gained 4.88% on the last trading day (Tuesday, 16th Apr 2024), rising from $12.92 to $13.55. During the last trading day the ETF fluctuated 11.48% from a day low at $12.72 to a day high of $14.18. The price has fallen in 6 of the last 10 days and is down by -6.23% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 14 million shares were bought and sold for approximately $194.77 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 -39.52% during the next 3 months and, with a 90% probability hold a price between $5.93 and $11.68 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
BOIL Signals & Forecast
There are mixed signals in the ETF today. The BOIL ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $13.92 and $14.79. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 8.84%. 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 BOIL ETF
BOIL finds support from accumulated volume at $13.35 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 $1.46 between high and low, or 11.48%. For the last week, the ETF has had daily average volatility of 5.70%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BOIL) For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday, 17th we expect ProShares Ultra Bloomberg Natural Gas to open at $13.48, and during the day (based on 14 day Average True Range), to move between $12.48 and $14.62, which gives a possible trading interval of +/-$1.07 (+/-7.93%) up or down from last closing price. If ProShares Ultra Bloomberg Natural Gas takes out the full calculated possible swing range there will be an estimated 15.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $13.35 (1.48%) than the resistance at $13.77 (1.62%), 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 Ultra Bloomberg Natural Gas ETF A Buy?
BOIL holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.
Current score: -2.318 Sell Candidate Unchanged
Predicted Opening Price for ProShares Ultra Bloomberg Natural Gas of Wednesday, April 17, 2024
Fair opening price April 17, 2024 | Current price |
---|---|
$13.48 ( 0.492%) | $13.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BOIL
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 14.94 | 10.28 % | |
R2 | 14.39 | 6.17 % | ||
R1 | 14.04 | 3.62 % | ||
Current price: | 13.55 | |||
Support | S1 | 12.93 | -4.61 % | |
S2 | 12.58 | -7.15 % | ||
S3 | 12.02 | -11.27 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 15.97 | 17.86 % | |
R2 | 13.87 | 2.36 % | ||
R1 | 13.77 | 1.62 % | ||
Current price | 13.55 | |||
Support | S1 | 13.35 | -1.48% | |
S2 | 12.86 | -5.09% | ||
S3 | 12.45 | -8.12% |
FAQ
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