GraniteShares 1.5x Long COIN Daily ETF Forecast

High volatility in GraniteShares 1.5x Long COIN Daily ETF price on Friday which ended trading at $57.50
(Updated on Apr 26, 2024)

CONL Signals & Forecast

Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The GraniteShares 1.5x Long COIN Daily ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $64.82. On a fall, the ETF will find some support from the short-term average at $52.67. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, March 25, 2024, and so far it has fallen -32.49%. 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).

Support, Risk & Stop-loss for GraniteShares 1.5x Long COIN Daily ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $53.97 and $50.32. 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, GraniteShares 1.5x Long COIN Daily finds support just below today's level at $53.97. If this is broken, then the next support from accumulated volume will be at $50.32 and $47.90.

This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $8.29 between high and low, or 16.77%. For the last week, the ETF has had daily average volatility of 13.44%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (CONL) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect GraniteShares 1.5x Long COIN Daily ETF to open at $54.88, and during the day (based on 14 day Average True Range), to move between $49.03 and $65.97, which gives a possible trading interval of +/-$8.47 (+/-14.72%) up or down from last closing price. If GraniteShares 1.5x Long COIN Daily ETF takes out the full calculated possible swing range there will be an estimated 29.44% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $60.55 (5.30%) than the support at $53.97 (6.14%), 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 GraniteShares 1.5x Long COIN Daily ETF ETF A Buy?

The GraniteShares 1.5x Long COIN Daily ETF holds several negative signals and despite the positive trend, we believe GraniteShares 1.5x Long COIN Daily will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.

Current score: -3.178 Sell Candidate Unchanged

Predicted Opening Price for GraniteShares 1.5x Long COIN Daily ETF of Monday, April 29, 2024

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