PROSHARES ULTRASHORT MSCI EAFE PROSHARES ETF Forecast

PROSHARES ULTRASHORT MSCI EAFE PROSHARES ETF downgraded to Sell Candidate
(Updated on Jun 18, 2024)

EFU Signals & Forecast

The PROSHARES ULTRASHORT MSCI EAFE PROSHARES 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 $7.56 and $7.53. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Friday, June 14, 2024, and so far it has fallen -1.50%. Further fall is indicated until a new bottom pivot has been found. 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.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, June 05, 2024 and based on theory for this formation the price should go up by 3.39% to $7.88 within 9 trading days since signal was issued (Thursday, June 20, 2024).

Support, Risk & Stop-loss for PROSHARES ULTRASHORT MSCI EAFE PROSHARES ETF

PROSHARES ULTRASHORT MSCI EAFE PROSHARES finds support from accumulated volume at $7.61 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 controlled movements and therefore the general risk is considered 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 $0.0889 between high and low, or 1.17%. For the last week the ETF has had daily average volatility of 1.24%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (EFU) For The Upcoming Trading Day Of Thursday 20th

For the upcoming trading day on Thursday, 20th we expect PROSHARES ULTRASHORT MSCI EAFE PROSHARES ULTRASHORT MSCI EAFE to open at $7.63, and during the day (based on 14 day Average True Range), to move between $7.49 and $7.76, which gives a possible trading interval of +/-$0.136 (+/-1.79%) up or down from last closing price. If PROSHARES ULTRASHORT MSCI EAFE PROSHARES ULTRASHORT MSCI EAFE takes out the full calculated possible swing range there will be an estimated 3.58% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $7.61 (0.25%) than the resistance at $8.26 (8.26%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is PROSHARES ULTRASHORT MSCI EAFE PROSHARES ULTRASHORT MSCI EAFE ETF A Buy?

PROSHARES ULTRASHORT MSCI EAFE PROSHARES holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.056 Sell Candidate Downgraded

Predicted Opening Price for PROSHARES ULTRASHORT MSCI EAFE PROSHARES ULTRASHORT MSCI EAFE of Thursday, June 20, 2024

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