PROSHARES ULTRASHORT MSCI BRAZIL CAPPED ETF Forecast

Red day on Monday for PROSHARES ULTRASHORT MSCI BRAZIL CAPPED
(Updated on Jun 24, 2024)

BZQ Signals & Forecast

The PROSHARES ULTRASHORT MSCI BRAZIL CAPPED 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 $15.09. On a fall, the ETF will find some support from the long-term average at approximately $13.31. 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. 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 17, 2024, and so far it has fallen -6.74%. 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). PROSHARES ULTRASHORT MSCI BRAZIL CAPPED gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for PROSHARES ULTRASHORT MSCI BRAZIL CAPPED ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $12.07 and $11.88. 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 MSCI BRAZIL CAPPED finds support just below today's level at $12.07. If this is broken, then the next support from accumulated volume will be at $11.88 and $11.75.

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 $0.203 between high and low, or 1.42%. For the last week, the ETF has had daily average volatility of 1.95%.

Our recommended stop-loss: $13.75 (-4.48%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 32 days ago.)

Trading Expectations (BZQ) For The Upcoming Trading Day Of Tuesday 25th

For the upcoming trading day on Tuesday, 25th we expect PROSHARES ULTRASHORT MSCI BRAZIL CAPPED PROSHARES ULTRASHORT MSCI BRAZIL CAPPED to open at $14.41, and during the day (based on 14 day Average True Range), to move between $13.94 and $14.84, which gives a possible trading interval of +/-$0.455 (+/-3.16%) up or down from last closing price. If PROSHARES ULTRASHORT MSCI BRAZIL CAPPED PROSHARES ULTRASHORT MSCI BRAZIL CAPPED takes out the full calculated possible swing range there will be an estimated 6.32% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $14.67 (1.92%) than the support at $12.07 (16.12%), 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 MSCI BRAZIL CAPPED PROSHARES ULTRASHORT MSCI BRAZIL CAPPED ETF A Buy?

PROSHARES ULTRASHORT MSCI BRAZIL CAPPED holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.757 Hold/Accumulate Unchanged

Predicted Opening Price for PROSHARES ULTRASHORT MSCI BRAZIL CAPPED PROSHARES ULTRASHORT MSCI BRAZIL CAPPED of Tuesday, June 25, 2024

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