PowerShares DB Gold Double Short ETN Stock Forecast
Green day on Tuesday for PowerShares DB Gold Double Short ETN
(Updated on Jun 25, 2024)
The PowerShares DB Gold Double Short ETN stock price gained 1.04% on the last trading day (Tuesday, 25th Jun 2024), rising from $1.92 to $1.94. During the last trading day the stock fluctuated 2.84% from a day low at $1.94 to a day high of $1.99. The price has fallen in 5 of the last 10 days and is down by -4.9% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 thousand more shares were traded than the day before. In total, 2 thousand shares were bought and sold for approximately $4.25 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -10.41% during the next 3 months and, with a 90% probability hold a price between $1.48 and $1.92 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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DZZ Signals & Forecast
PowerShares DB Gold Double Short ETN has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The PowerShares DB Gold Double Short ETN stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1.94 and $1.94. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, June 11, 2024, and so far it has fallen -11.01%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0550 between high and low, or 2.84%. For the last week, the stock has had daily average volatility of 1.04%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DZZ) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect PowerShares DB Gold Double Short ETN to open at $1.96, 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 +/-$0.0996 (+/-5.13%) 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 10.27% 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 negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -2.567 Sell Candidate Unchanged
Predicted Opening Price for PowerShares DB Gold Double Short ETN of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $1.96 ( 0.773%) | $1.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DZZ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.01 | 3.61% |
| R2 | 1.99 | 2.53% |
| R1 | 1.98 | 1.86% |
| Price | 1.94 | |
| S1 | 1.93 | -0.310% |
| S2 | 1.92 | -0.98% |
| S3 | 1.90 | -2.06% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.16 | 11.34% |
| R2 | 2.02 | 4.12% |
| R1 | 1.97 | 1.55% |
| Price | 1.94 | |
| S1 | 1.90 | -2.06% |
| S2 | 1.90 | -2.06% |
| S3 | 1.81 | -6.70% |
FAQ
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