ProShares UltraShort FTSE Europe ETF Forecast
Red day on Friday for ProShares UltraShort FTSE Europe ETF after losing 1.60%
(Updated on May 03, 2024)
The ProShares UltraShort FTSE Europe ETF price fell by -1.60% on the last day (Friday, 3rd May 2024) from $8.10 to $7.97. During the last trading day the ETF fluctuated 1.39% from a day low at $7.93 to a day high of $8.04. The price has fallen in 6 of the last 10 days and is down by -6.12% for this period. Volume has increased on the last day by 20 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 81 thousand shares were bought and sold for approximately $646.94 thousand.
The ETF lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -7.30% during the next 3 months and, with a 90% probability hold a price between $6.96 and $7.79 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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EPV Signals & Forecast
There are few to no technical positive signals at the moment. The ProShares UltraShort FTSE Europe ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $8.12 and $8.08. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -6.67%. 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). ProShares UltraShort FTSE Europe gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for ProShares UltraShort FTSE Europe ETF
ProShares UltraShort FTSE Europe finds support from accumulated volume at $7.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.110 (1.39%) between high and low. For the last week, the ETF has had daily average volatility of 1.84%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (EPV) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect ProShares UltraShort FTSE Europe to open at $7.98, and during the day (based on 14 day Average True Range), to move between $7.80 and $8.14, which gives a possible trading interval of +/-$0.174 (+/-2.19%) up or down from last closing price. If ProShares UltraShort FTSE Europe takes out the full calculated possible swing range there will be an estimated 4.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.99 (0.25%) than the support at $7.90 (0.88%), 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 ProShares UltraShort FTSE Europe ETF A Buy?
ProShares UltraShort FTSE Europe 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: -4.791 Sell Candidate Unchanged
Predicted Opening Price for ProShares UltraShort FTSE Europe of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $7.98 ( 0.125%) | $7.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EPV
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.09 | 1.51 % | |
| R2 | 8.05 | 0.98 % | ||
| R1 | 8.02 | 0.653 % | ||
| Current price: | 7.97 | |||
| Support | S1 | 7.94 | -0.402 % | |
| S2 | 7.91 | -0.727 % | ||
| S3 | 7.87 | -1.25 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.10 | 1.63 % | |
| R2 | 8.05 | 1.00 % | ||
| R1 | 7.99 | 0.251 % | ||
| Current price | 7.97 | |||
| Support | S1 | 7.90 | -0.88% | |
| S2 | 7.87 | -1.25% | ||
| S3 | 7.82 | -1.88% |
EPV Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.0696 | 0.90% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.100 | 1.12% |
| 3 | Jan 09, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.0680 | 0.612% |
| 4 | Jan 09, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0630 | 0.632% |
| 5 | Jan 09, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0410 | 0.383% |
FAQ
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