Invesco DB Base Metals Fund ETF Forecast

Invesco DB Base Metals Fund ETF upgraded to Buy Candidate.
(Updated on May 03, 2024)

DBB Signals & Forecast

There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -1.45%. 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). The Invesco DB Base Metals Fund 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 $20.31 and $19.20. A breakdown below any of these levels will issue sell signals. 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. The ETF had a Golden Star Signal on Wednesday, February 28, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for Invesco DB Base Metals Fund ETF

Invesco DB Base Metals Fund finds support from accumulated volume at $20.26 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.120 (0.593%) between high and low. For the last week, the ETF has had daily average volatility of 1.14%.

Our recommended stop-loss: $19.55 (-3.77%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (DBB) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Invesco DB Base Metals Fund to open at $20.31, and during the day (based on 14 day Average True Range), to move between $20.03 and $20.61, which gives a possible trading interval of +/-$0.288 (+/-1.42%) up or down from last closing price. If Invesco DB Base Metals Fund takes out the full calculated possible swing range there will be an estimated 2.83% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $20.37 (0.25%) than the support at $20.26 (0.30%), 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 Invesco DB Base Metals Fund 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 Invesco DB Base Metals Fund ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.802 Buy Candidate Upgraded

Predicted Opening Price for Invesco DB Base Metals Fund of Monday, May 6, 2024

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