ProShares Large Cap Core Plus ETF Forecast

ProShares Large Cap Core Plus ETF downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 08, 2024)

CSM Signals & Forecast

The ProShares Large Cap Core Plus ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $58.42 and $59.00. 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, May 07, 2024, and so far it has fallen -0.0927%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for ProShares Large Cap Core Plus ETF

ProShares Large Cap Core Plus finds support from accumulated volume at $58.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.336 between high and low, or 0.570%. For the last week the ETF has had daily average volatility of 0.487%

Our recommended stop-loss: $56.95 (-3.78%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (CSM) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect ProShares Large Cap Core Plus to open at $59.09, and during the day (based on 14 day Average True Range), to move between $58.61 and $59.75, which gives a possible trading interval of +/-$0.574 (+/-0.97%) up or down from last closing price. If ProShares Large Cap Core Plus takes out the full calculated possible swing range there will be an estimated 1.94% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $59.23 (0.09%) than the support at $58.75 (0.73%), 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 Large Cap Core Plus ETF A Buy?

ProShares Large Cap Core Plus 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 Buy to a Hold/Accumulate candidate.

Current score: -0.351 Hold/Accumulate Downgraded

Predicted Opening Price for ProShares Large Cap Core Plus of Thursday, May 9, 2024

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