ProShares Short MSCI EAFE ETF Forecast

Weaker technical forecast for ProShares Short MSCI EAFE as ETF downgraded to Sell Candidate.
(Updated on May 23, 2024)

EFZ Signals & Forecast

There are mixed signals in the ETF today. The ProShares Short MSCI EAFE ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $16.61. On a fall, the ETF will find some support from the short-term average at $16.16. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 1.87%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for ProShares Short MSCI EAFE ETF

ProShares Short MSCI EAFE finds support from accumulated volume at $16.34 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 $0.131 between high and low, or 0.81%. For the last week the ETF has had daily average volatility of 0.390%

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

Trading Expectations (EFZ) For The Upcoming Trading Day Of Friday 24th

For the upcoming trading day on Friday, 24th we expect ProShares Short MSCI EAFE to open at $16.32, and during the day (based on 14 day Average True Range), to move between $16.23 and $16.47, which gives a possible trading interval of +/-$0.124 (+/-0.76%) up or down from last closing price. If ProShares Short MSCI EAFE takes out the full calculated possible swing range there will be an estimated 1.52% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $16.34 (0.06%) than the resistance at $16.77 (2.57%), 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 Short MSCI EAFE ETF A Buy?

ProShares Short MSCI EAFE 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: -1.407 Sell Candidate Downgraded

Predicted Opening Price for ProShares Short MSCI EAFE of Friday, May 24, 2024

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