ProShares UltraShort Oil & Gas ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Red day on Monday for ProShares UltraShort Oil & Gas
(Updated on May 06, 2024)
The ProShares UltraShort Oil & Gas ETF price fell by -1.57% on the last day (Monday, 6th May 2024) from $9.53 to $9.38. During the last trading day the ETF fluctuated 2.94% from a day low at $9.19 to a day high of $9.46. The price has fallen in 6 of the last 10 days but is still up by 4.92% over the past 2 weeks. Volume has increased on the last day by 12 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, 184 thousand shares were bought and sold for approximately $1.73 million.
The ETF lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $9.48 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -25.16% during the next 3 months and, with a 90% probability hold a price between $5.50 and $7.09 at the end of this 3-month period. 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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DUG Signals & Forecast
The ProShares UltraShort Oil & Gas 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 $9.30 and $9.06. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 11.14%. Further rise is indicated until a new top pivot has been found. 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. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for ProShares UltraShort Oil & Gas ETF
ProShares UltraShort Oil & Gas finds support from accumulated volume at $8.94 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 $0.270 between high and low, or 2.94%. For the last week, the ETF has had daily average volatility of 3.36%.
Our recommended stop-loss: $8.94 (-4.66%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (DUG) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect ProShares UltraShort Oil & Gas to open at $9.34, and during the day (based on 14 day Average True Range), to move between $9.08 and $9.68, which gives a possible trading interval of +/-$0.298 (+/-3.17%) up or down from last closing price. If ProShares UltraShort Oil & Gas takes out the full calculated possible swing range there will be an estimated 6.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.94 (4.69%) than the resistance at $10.85 (15.67%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ProShares UltraShort Oil & Gas ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.
Current score: 2.637 Buy Candidate Unchanged
Predicted Opening Price for ProShares UltraShort Oil & Gas of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $9.34 ( 0.391%) | $9.38 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DUG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.61 | 2.49 % | |
| R2 | 9.51 | 1.39 % | ||
| R1 | 9.45 | 0.709 % | ||
| Current price: | 9.38 | |||
| Support | S1 | 9.24 | -1.49 % | |
| S2 | 9.18 | -2.17 % | ||
| S3 | 9.07 | -3.27 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.14 | 18.71 % | |
| R2 | 10.93 | 16.47 % | ||
| R1 | 10.85 | 15.67 % | ||
| Current price | 9.38 | |||
| Support | S1 | 8.94 | -4.69% | |
| S2 | 8.81 | -6.08% | ||
| S3 | 8.54 | -8.96% |
DUG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.0690 | 0.742% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.165 | 1.44% |
| 3 | Jan 09, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.0800 | 0.80% |
| 4 | Jan 09, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.112 | 0.83% |
| 5 | Jan 09, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.127 | 0.95% |
FAQ
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