Global X Telemedicine & Digital Health ETF Forecast
Global X Telemedicine & Digital Health ETF price ended at £7.10 on Wednesday, after losing 0.539%.
(Updated on Jun 26, 2024)
The Global X Telemedicine & Digital Health ETF price fell by -0.539% on the last day (Wednesday, 26th Jun 2024) from £7.14 to £7.10. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 0.296% from a day low at £7.10 to a day high of £7.12. The price has fallen in 6 of the last 10 days and is down by -2.8% for this period. 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 -877 shares and in total, 500 shares were bought and sold for approximately £3.55 thousand.
The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Global X Telemedicine & Digital Health ETF with a 90% probability to be traded between £6.99 and £7.83 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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EDOC.L Signals & Forecast
There are few to no technical positive signals at the moment. The Global X Telemedicine & Digital Health ETF 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 £7.22 and £7.29. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -7.07%. 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.
Support, Risk & Stop-loss for Global X Telemedicine & Digital Health ETF
Global X Telemedicine & Digital Health finds support from accumulated volume at £7.03 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 £0.0210 between high and low, or 0.296%. For the last week the ETF has had daily average volatility of 0.293%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EDOC.L) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Global X Telemedicine & Digital Health Ucits Etf to open at £7.11, and during the day (based on 14 day Average True Range), to move between £7.02 and £7.18, which gives a possible trading interval of +/-£0.0830 (+/-1.17%) up or down from last closing price. If Global X Telemedicine & Digital Health Ucits Etf takes out the full calculated possible swing range there will be an estimated 2.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £7.03 (0.99%) than the resistance at £7.25 (2.17%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Global X Telemedicine & Digital Health Ucits Etf ETF A Buy?
Global X Telemedicine & Digital Health holds several negative signals and is within a 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 ETF.
Current score: -3.055 Sell Candidate Unchanged
Predicted Opening Price for Global X Telemedicine & Digital Health Ucits Etf of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| £7.11 ( 0.0986%) | £7.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EDOC.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.13 | 0.394% |
| R2 | 7.12 | 0.281% |
| R1 | 7.12 | 0.212% |
| Price | 7.10 | |
| S1 | 7.10 | -0.0144% |
| S2 | 7.09 | -0.0842% |
| S3 | 7.09 | -0.197% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.32 | 3.10% |
| R2 | 7.30 | 2.88% |
| R1 | 7.25 | 2.17% |
| Price | 7.10 | |
| S1 | 7.03 | -0.99% |
| S2 | 7.00 | -1.41% |
| S3 | 6.82 | -3.94% |
FAQ
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