iPath Bloomberg Commodity Index Total ETF Forecast
iPath Bloomberg Commodity Index Total ETF price ended at $32.55 on Thursday, after gaining 0.432%.
(Updated on Apr 25, 2024)
The iPath Bloomberg Commodity Index Total ETF price gained 0.432% on the last trading day (Thursday, 25th Apr 2024), rising from $32.41 to $32.55. During the last trading day the ETF fluctuated 0.89% from a day low at $32.33 to a day high of $32.62. The price has fallen in 6 of the last 10 days but is still up by 0.6% over the past 2 weeks. Volume fell on the last day by -12 thousand shares and in total, 20 thousand shares were bought and sold for approximately $652.95 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 10.03% during the next 3 months and, with a 90% probability hold a price between $35.03 and $37.10 at the end of this 3-month period.
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DJP Signals & Forecast
The iPath Bloomberg Commodity Index Total 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 $32.38 and $31.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 14, 2024, and so far it has risen 10.68%. Further rise is indicated until a new top pivot has been found. 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). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for iPath Bloomberg Commodity Index Total ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $30.13 and $29.95. 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, iPath Bloomberg Commodity Index Total finds support just below today's level at $30.13. If this is broken, then the next support from accumulated volume will be at $29.95 and $29.87.
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 $0.289 between high and low, or 0.89%. For the last week the ETF has had daily average volatility of 0.88%
Our recommended stop-loss: $31.46 (-3.36%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 49 days ago.)
Trading Expectations (DJP) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect iPath Bloomberg Commodity Index Total Return(SM) ETN to open at $32.50, and during the day (based on 14 day Average True Range), to move between $32.23 and $32.87, which gives a possible trading interval of +/-$0.317 (+/-0.97%) up or down from last closing price. If iPath Bloomberg Commodity Index Total Return(SM) ETN takes out the full calculated possible swing range there will be an estimated 1.95% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $30.13, some $2.42 (7.43%) from the current price of $32.55, our system finds the risk reward attractive.
Is iPath Bloomberg Commodity Index Total Return(SM) ETN 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 iPath Bloomberg Commodity Index Total ETF to perform well in the short-term.
Current score: 4.311 Buy Candidate Unchanged
Predicted Opening Price for iPath Bloomberg Commodity Index Total Return(SM) ETN of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $32.50 ( 0.155%) | $32.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DJP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.79 | 0.733 % | |
| R2 | 32.68 | 0.394 % | ||
| R1 | 32.61 | 0.185 % | ||
| Current price: | 32.55 | |||
| Support | S1 | 32.39 | -0.494 % | |
| S2 | 32.32 | -0.703 % | ||
| S3 | 32.21 | -1.04 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 32.55 | |||
| Support | S1 | 30.13 | -7.43% | |
| S2 | 29.95 | -7.99% | ||
| S3 | 29.87 | -8.23% |
FAQ
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