PowerShares DB Gold Double Short ETN Stock Forecast

PowerShares DB Gold Double Short ETN stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jul 02, 2024)

DZZ Signals & Forecast

The PowerShares DB Gold Double Short ETN stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $1.95. On a fall, the stock will find some support from the long-term average at approximately $1.94. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 1.57%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for PowerShares DB Gold Double Short ETN stock

PowerShares DB Gold Double Short ETN finds support from accumulated volume at $1.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0751 between high and low, or 3.87%. For the last week the stock has had daily average volatility of 4.70%.

Our recommended stop-loss: $1.82 (-6.17%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 14 days ago.)

Trading Expectations (DZZ) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect PowerShares DB Gold Double Short ETN to open at $1.97, and during the day (based on 14 day Average True Range), to move between $1.84 and $2.04, which gives a possible trading interval of +/-$0.0984 (+/-5.07%) up or down from last closing price. If PowerShares DB Gold Double Short ETN takes out the full calculated possible swing range there will be an estimated 10.15% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $1.97 (1.55%) than the support at $1.90 (2.06%), 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 PowerShares DB Gold Double Short ETN stock A Buy?

PowerShares DB Gold Double Short ETN 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 stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.234 Hold/Accumulate Downgraded

Predicted Opening Price for PowerShares DB Gold Double Short ETN of Wednesday, July 3, 2024

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