Invesco DB Base Metals Fund ETF Forecast

Invesco DB Base Metals Fund ETF upgraded to Strong Buy Candidate.
(Updated on May 17, 2024)

DBB Signals & Forecast

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 $20.71 and $19.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 5.80%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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

On the downside, the ETF finds support just below today's level from accumulated volume at $20.26 and $20.17. 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, Invesco DB Base Metals Fund finds support just below today's level at $20.26. If this is broken, then the next support from accumulated volume will be at $20.17 and $19.76.

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 $0.280 between high and low, or 1.33%. For the last week the ETF has had daily average volatility of 0.95%.

Our recommended stop-loss: $20.35 (-4.66%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (DBB) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Invesco DB Base Metals Fund to open at $21.25, and during the day (based on 14 day Average True Range), to move between $21.06 and $21.62, which gives a possible trading interval of +/-$0.278 (+/-1.30%) 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 2.60% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $20.26, some $1.08 (5.06%) from the current price of $21.34, our system finds the risk reward attractive.

Is Invesco DB Base Metals Fund ETF A Buy?

Invesco DB Base Metals Fund holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 7.894 Strong Buy Candidate Upgraded

Predicted Opening Price for Invesco DB Base Metals Fund of Monday, May 20, 2024

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