ProShares UltraShort FTSE Europe ETF Forecast
ProShares UltraShort FTSE Europe ETF downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 24, 2024)
The ProShares UltraShort FTSE Europe ETF price fell by -1.41% on the last day (Friday, 24th May 2024) from $7.45 to $7.34. During the last trading day the ETF fluctuated 1.02% from a day low at $7.32 to a day high of $7.40. The price has risen in 5 of the last 10 days but is still down by -1.88% 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 -10 thousand shares and in total, 61 thousand shares were bought and sold for approximately $449.08 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 -8.36% during the next 3 months and, with a 90% probability hold a price between $6.51 and $7.52 at the end of this 3-month period.
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EPV Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 2.09%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ProShares UltraShort FTSE Europe 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 $7.88. On a fall, the ETF will find some support from the short-term average at $7.32. 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 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.
Support, Risk & Stop-loss for ProShares UltraShort FTSE Europe ETF
ProShares UltraShort FTSE Europe finds support from accumulated volume at $7.29 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0.0750 between high and low, or 1.02%. For the last week the ETF has had daily average volatility of 1.36%.
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 Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect ProShares UltraShort FTSE Europe to open at $7.35, and during the day (based on 14 day Average True Range), to move between $7.20 and $7.48, which gives a possible trading interval of +/-$0.137 (+/-1.86%) 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 3.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.29 (0.68%) than the resistance at $7.87 (7.22%), 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 FTSE Europe ETF A Buy?
ProShares UltraShort FTSE Europe 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: -3.040 Sell Candidate Downgraded
Predicted Opening Price for ProShares UltraShort FTSE Europe of Tuesday, May 28, 2024
Fair opening price May 28, 2024 | Current price |
---|---|
$7.35 ( 0.159%) | $7.34 |
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 | 7.43 | 1.18 % | |
R2 | 7.40 | 0.790 % | ||
R1 | 7.38 | 0.549 % | ||
Current price: | 7.34 | |||
Support | S1 | 7.32 | -0.231 % | |
S2 | 7.31 | -0.473 % | ||
S3 | 7.28 | -0.86 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.10 | 10.35 % | |
R2 | 8.05 | 9.67 % | ||
R1 | 7.87 | 7.22 % | ||
Current price | 7.34 | |||
Support | S1 | 7.29 | -0.681% | |
S2 | 7.25 | -1.29% | ||
S3 | 7.19 | -2.04% |
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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