Wisdomtree Cotton - Eur Daily Hedged ETF Forecast
Wisdomtree Cotton - Eur Daily Hedged ETF price up 3.05% on Thursday
(Updated on Jun 27, 2024)
The Wisdomtree Cotton - Eur Daily Hedged ETF price gained 3.05% on the last trading day (Thursday, 27th Jun 2024), rising from 9.42€ to 9.71€. During the last trading day the ETF fluctuated 0% from a day low at 9.71€ to a day high of 9.71€. The price has been going up and down for this period, and there has been a 5.74% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 500 more shares were traded than the day before. In total, 500 shares were bought and sold for approximately 4.85€ thousand.
The ETF lies the upper part of a 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 9.94€ 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 -8.01% during the next 3 months and, with a 90% probability hold a price between 7.94€ and 9.15€ 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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ECTN.MI Signals & Forecast
The Wisdomtree Cotton - Eur Daily Hedged ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at 9.46€ and 9.58€. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 7.86%. Further rise is indicated until a new top pivot has been found. Wisdomtree Cotton - Eur Daily Hedged 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Wisdomtree Cotton - Eur Daily Hedged ETF
Wisdomtree Cotton - Eur Daily Hedged finds support from accumulated volume at 9.36€ 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 with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved 0€ between high and low, or 0%. For the last week the ETF has had daily average volatility of 0%.
Our recommended stop-loss: 9.24€ (-4.76%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (ECTN.MI) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Wisdomtree Cotton - Eur Daily Hedged to open at 9.71€, and during the day (based on 14 day Average True Range), to move between 9.53€ and 9.89€, which gives a possible trading interval of +/-0.181€ (+/-1.87%) up or down from last closing price. If Wisdomtree Cotton - Eur Daily Hedged takes out the full calculated possible swing range there will be an estimated 3.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 9.36€ (3.56%) than the resistance at 10.37€ (6.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wisdomtree Cotton - Eur Daily Hedged ETF A Buy?
Wisdomtree Cotton - 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 Cotton - Eur Daily Hedged of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| 9.71€ ( 0%) | 9.71€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ECTN.MI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.71 | - |
| R2 | 9.71 | - |
| R1 | 9.71 | - |
| Price | 9.71 | |
| S1 | 9.71 | - |
| S2 | 9.71 | - |
| S3 | 9.71 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.44 | 7.57% |
| R2 | 10.41 | 7.24% |
| R1 | 10.37 | 6.85% |
| Price | 9.71 | |
| S1 | 9.36 | -3.56% |
| S2 | 9.17 | -5.53% |
| S3 | 9.00 | -7.28% |
FAQ
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