Amplify Seymour Cannabis ETF Forecast
Weaker technical forecast for Amplify Seymour Cannabis as ETF downgraded to Buy Candidate.
(Updated on May 17, 2024)
The Amplify Seymour Cannabis ETF price fell by -3.28% on the last day (Friday, 17th May 2024) from $5.79 to $5.60. During the last trading day the ETF fluctuated 7.14% from a day low at $5.60 to a day high of $6.00. The price has been going up and down for this period, and there has been a -0.71% loss for the last 2 weeks. Volume has increased on the last day by 20 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 202 thousand shares were bought and sold for approximately $1.13 million.
The ETF lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 16.13% during the next 3 months and, with a 90% probability hold a price between $5.90 and $7.70 at the end of this 3-month period.
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CNBS Signals & Forecast
The Amplify Seymour Cannabis 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 $5.60 and $5.51. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Tuesday, April 30, 2024, and so far it has fallen -12.98%. Further fall is indicated until a new bottom pivot has been found. Amplify Seymour Cannabis 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 Amplify Seymour Cannabis ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $5.30 and $5.21. 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, Amplify Seymour Cannabis finds support just below today's level at $5.30. If this is broken, then the next support from accumulated volume will be at $5.21 and $5.13.
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 $0.400 between high and low, or 7.14%. For the last week, the ETF has had daily average volatility of 5.08%.
Our recommended stop-loss: $5.34 (-4.68%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (CNBS) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Amplify Seymour Cannabis ETF to open at $5.73, and during the day (based on 14 day Average True Range), to move between $5.30 and $5.90, which gives a possible trading interval of +/-$0.301 (+/-5.38%) up or down from last closing price. If Amplify Seymour Cannabis ETF takes out the full calculated possible swing range there will be an estimated 10.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.61 (0.18%) than the support at $5.30 (5.36%), 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 Amplify Seymour Cannabis ETF ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Amplify Seymour Cannabis ETF to perform well in the short-term. 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 Buy candidate.
Current score: 1.106 Buy Candidate Downgraded
Predicted Opening Price for Amplify Seymour Cannabis ETF of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $5.73 ( 2.38%) | $5.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNBS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.13 | 9.52 % | |
| R2 | 5.98 | 6.80 % | ||
| R1 | 5.89 | 5.11 % | ||
| Current price: | 5.60 | |||
| Support | S1 | 5.58 | -0.348 % | |
| S2 | 5.49 | -2.03 % | ||
| S3 | 5.33 | -4.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.44 | 14.91 % | |
| R2 | 5.79 | 3.39 % | ||
| R1 | 5.61 | 0.179 % | ||
| Current price | 5.60 | |||
| Support | S1 | 5.30 | -5.36% | |
| S2 | 5.21 | -6.96% | ||
| S3 | 5.13 | -8.39% |
CNBS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 28, 2020 | Dec 29, 2020 | Dec 31, 2020 | $0.101 | 0.579% |
| 2 | Dec 27, 2019 | Dec 30, 2019 | Jan 02, 2020 | $0.0770 | 0.583% |
FAQ
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