GUGGENHEIM S&P GLOBAL WATER INDEX ETF Forecast
Weaker technical forecast for GUGGENHEIM S&P GLOBAL WATER INDEX as ETF downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The GUGGENHEIM S&P GLOBAL WATER INDEX ETF price gained 1.35% on the last trading day (Friday, 3rd May 2024), rising from $56.10 to $56.86. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.85% from a day low at $56.53 to a day high of $57.01. The price has risen in 7 of the last 10 days and is up by 5.14% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 34 thousand more shares were traded than the day before. In total, 52 thousand shares were bought and sold for approximately $2.93 million.
The ETF lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $57.16 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 5.90% during the next 3 months and, with a 90% probability hold a price between $57.14 and $60.53 at the end of this 3-month period.
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CGW Signals & Forecast
The GUGGENHEIM S&P GLOBAL WATER INDEX ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $55.52 and $54.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 6.60%. 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 GUGGENHEIM S&P GLOBAL WATER INDEX ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $53.36 and $53.16. 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, GUGGENHEIM S&P GLOBAL WATER INDEX finds support just below today's level at $53.36. If this is broken, then the next support from accumulated volume will be at $53.16 and $53.08.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.480 between high and low, or 0.85%. For the last week the ETF has had daily average volatility of 1.03%.
The GUGGENHEIM S&P GLOBAL WATER INDEX ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: $54.36 (-4.40%) (This ETF has low daily movements and this gives low risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (CGW) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect GUGGENHEIM S&P GLOBAL WATER INDEX ETF GUGGENHEIM S&P GLOBAL WATER INDEX ETF to open at $56.80, and during the day (based on 14 day Average True Range), to move between $56.21 and $57.51, which gives a possible trading interval of +/-$0.652 (+/-1.15%) up or down from last closing price. If GUGGENHEIM S&P GLOBAL WATER INDEX ETF GUGGENHEIM S&P GLOBAL WATER INDEX ETF takes out the full calculated possible swing range there will be an estimated 2.29% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $53.36, some $3.50 (6.16%) from the current price of $56.86, our system finds the risk reward attractive.
Is GUGGENHEIM S&P GLOBAL WATER INDEX ETF GUGGENHEIM S&P GLOBAL WATER INDEX ETF ETF A Buy?
GUGGENHEIM S&P GLOBAL WATER INDEX 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 Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for GUGGENHEIM S&P GLOBAL WATER INDEX ETF GUGGENHEIM S&P GLOBAL WATER INDEX ETF of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $56.80 ( 0.106%) | $56.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 57.28 | 0.739 % | |
| R2 | 57.10 | 0.416 % | ||
| R1 | 56.98 | 0.217 % | ||
| Current price: | 56.86 | |||
| Support | S1 | 56.62 | -0.428 % | |
| S2 | 56.50 | -0.627 % | ||
| S3 | 56.32 | -0.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 56.86 | |||
| Support | S1 | 53.36 | -6.16% | |
| S2 | 53.16 | -6.51% | ||
| S3 | 53.08 | -6.65% |
CGW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 18, 2023 | Dec 18, 2023 | Dec 18, 2023 | $0.82 | 1.58% |
| 2 | Dec 16, 2022 | Dec 19, 2022 | Dec 23, 2022 | $0.677 | 1.45% |
| 3 | Dec 17, 2021 | Dec 20, 2021 | Dec 31, 2021 | $0.96 | 1.59% |
| 4 | Jan 24, 2020 | Dec 21, 2020 | Dec 31, 2020 | $0.660 | 1.41% |
| 5 | Jan 18, 2019 | Dec 23, 2019 | Dec 31, 2019 | $0.607 | 1.48% |
FAQ
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