Wisdomtree Coffee - Eur Daily Hedged ETF Forecast
Wisdomtree Coffee - Eur Daily Hedged ETF price down 2.02% on Friday
(Updated on Jun 21, 2024)
The Wisdomtree Coffee - Eur Daily Hedged ETF price fell by -2.02% on the last day (Friday, 21st Jun 2024) from 4.49€ to 4.40€. During the last trading day the ETF fluctuated 0.239% from a day low at 4.40€ to a day high of 4.41€. The price has been going up and down for this period, and there has been a 5.1% gain for the last 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -13 thousand shares and in total, 344 shares were bought and sold for approximately 1.51€ thousand.
The ETF lies in the middle of a weak 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 3.33% during the next 3 months and, with a 90% probability hold a price between 4.41€ and 4.82€ at the end of this 3-month period.
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ECOF.MI Signals & Forecast
The Wisdomtree Coffee - Eur Daily Hedged 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 4.40€ and 4.36€. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 19, 2024, and so far it has fallen -2.76%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this ETF 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.
A sell signal from a double top formation was found on Thursday, June 06, 2024 and based on theory for this formation the price should fall by -6.90% to 4.10€ within 6 trading days since signal was issued (Friday, June 14, 2024).
Support, Risk & Stop-loss for Wisdomtree Coffee - Eur Daily Hedged ETF
Wisdomtree Coffee - Eur Daily Hedged finds support from accumulated volume at 4.30€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 0.0105€ between high and low, or 0.239%. For the last week the ETF has had daily average volatility of 1.53%
Our recommended stop-loss: 4.18€ (-4.93%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (ECOF.MI) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Wisdomtree Coffee - Eur Daily Hedged to open at 4.40€, and during the day (based on 14 day Average True Range), to move between 4.26€ and 4.54€, which gives a possible trading interval of +/-0.138€ (+/-3.14%) up or down from last closing price. If Wisdomtree Coffee - Eur Daily Hedged takes out the full calculated possible swing range there will be an estimated 6.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 4.40€ (0.07%) than the support at 4.30€ (2.30%), 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 Wisdomtree Coffee - Eur Daily Hedged ETF A Buy?
Wisdomtree Coffee - Eur Daily Hedged 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.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Wisdomtree Coffee - Eur Daily Hedged of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| 4.40€ ( 0.0795%) | 4.40€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ECOF.MI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.41 | 0.318% |
| R2 | 4.41 | 0.227% |
| R1 | 4.41 | 0.171% |
| Price | 4.40 | |
| S1 | 4.40 | -0.0116% |
| S2 | 4.40 | -0.0679% |
| S3 | 4.39 | -0.159% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.54 | 3.25% |
| R2 | 4.49 | 2.06% |
| R1 | 4.40 | 0.0682% |
| Price | 4.40 | |
| S1 | 4.30 | -2.30% |
| S2 | 4.19 | -4.68% |
| S3 | 4.17 | -5.24% |
FAQ
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