ProShares UltraShort Dow30 ETF Forecast

Stronger technical forecast for ProShares UltraShort Dow30 ETF price after Monday trading.
(Updated on Apr 15, 2024)

DXD Signals & Forecast

Mostly positive signals in the chart today. The ProShares UltraShort 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 $32.98 and $32.15. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 21, 2024, and so far it has risen 11.68%. 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). Volume is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for ProShares UltraShort Dow30 ETF

ProShares UltraShort Dow30 finds support from accumulated volume at $33.81 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 $1.27 between high and low, or 3.84%. For the last week, the ETF has had daily average volatility of 2.32%.

The ProShares UltraShort 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 and the RSI is still moving upwards. 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. Since the ProShares UltraShort Dow30 has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $32.77 (-4.53%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (DXD) For The Upcoming Trading Day Of Tuesday 16th

For the upcoming trading day on Tuesday, 16th we expect ProShares UltraShort Dow30 to open at $33.98, and during the day (based on 14 day Average True Range), to move between $33.64 and $35.00, which gives a possible trading interval of +/-$0.683 (+/-1.99%) up or down from last closing price. If ProShares UltraShort Dow30 takes out the full calculated possible swing range there will be an estimated 3.98% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $34.53 (0.61%) than the support at $33.81 (1.49%), 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 UltraShort Dow30 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.478 Buy Candidate Upgraded

Predicted Opening Price for ProShares UltraShort Dow30 of Tuesday, April 16, 2024

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