ProShares Ultra Dow30 ETF Forecast
ProShares Ultra Dow30 ETF downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on May 20, 2024)
The ProShares Ultra Dow30 ETF price fell by -0.98% on the last day (Monday, 20th May 2024) from $87.44 to $86.58. During the last trading day the ETF fluctuated 1.42% from a day low at $86.48 to a day high of $87.71. The price has risen in 7 of the last 10 days and is up by 5.06% over the past 2 weeks. Volume has increased on the last day by 39 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, 175 thousand shares were bought and sold for approximately $15.18 million.
The ETFis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $87.41 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect ProShares Ultra Dow30 ETF with a 90% probability to be traded between $76.03 and $85.81 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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DDM Signals & Forecast
The ProShares Ultra Dow30 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 $86.16 and $81.98. 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 Friday, May 17, 2024, and so far it has fallen -0.98%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
A buy signal from a double bottom formation was found on Tuesday, April 30, 2024 with a target of $83.42. Despite whether the objective of the signal formation has been reached the ETF may continue to perform well.
Support, Risk & Stop-loss for ProShares Ultra Dow30 ETF
ProShares Ultra Dow30 finds support from accumulated volume at $86.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.23 between high and low, or 1.42%. For the last week, the ETF has had daily average volatility of 1.12%.
The ProShares Ultra Dow30 ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: $84.54 (-2.36%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 88 and this increases the risk substantially. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (DDM) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect ProShares Ultra Dow30 to open at $86.92, and during the day (based on 14 day Average True Range), to move between $85.22 and $87.94, which gives a possible trading interval of +/-$1.36 (+/-1.57%) up or down from last closing price. If ProShares Ultra Dow30 takes out the full calculated possible swing range there will be an estimated 3.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $86.89 (0.36%) than the support at $86.00 (0.67%), 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 Ultra Dow30 ETF A Buy?
ProShares Ultra Dow30 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: 0.837 Hold/Accumulate Downgraded
Predicted Opening Price for ProShares Ultra Dow30 of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $86.92 ( 0.397%) | $86.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DDM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 88.15 | 1.82 % | |
| R2 | 87.68 | 1.27 % | ||
| R1 | 87.39 | 0.94 % | ||
| Current price: | 86.58 | |||
| Support | S1 | 86.45 | -0.146 % | |
| S2 | 86.16 | -0.481 % | ||
| S3 | 85.69 | -1.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 87.18 | 0.693 % | |
| R2 | 87.00 | 0.485 % | ||
| R1 | 86.89 | 0.358 % | ||
| Current price | 86.58 | |||
| Support | S1 | 86.00 | -0.670% | |
| S2 | 84.43 | -2.48% | ||
| S3 | 83.25 | -3.85% |
DDM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 22, 2023 | Mar 20, 2024 | Mar 27, 2024 | $0.245 | 0.282% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.217 | 0.282% |
| 3 | Feb 04, 2022 | Dec 22, 2022 | Dec 30, 2022 | $0.234 | 0.366% |
| 4 | Feb 04, 2022 | Sep 21, 2022 | Sep 28, 2022 | $0.0810 | 0.155% |
| 5 | Feb 04, 2022 | Jun 22, 2022 | Jun 29, 2022 | $0.0840 | 0.146% |
FAQ
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