Invesco Russell 1000 Equal Weight ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Red day on Tuesday for Invesco Russell 1000 Equal Weight ETF after losing 0.344%
(Updated on May 21, 2024)
The Invesco Russell 1000 Equal Weight ETF price fell by -0.344% on the last day (Tuesday, 21st May 2024) from $46.14 to $45.98. During the last trading day the ETF fluctuated 0.196% from a day low at $45.94 to a day high of $46.03. The price has risen in 6 of the last 10 days and is up by 1.93% over the past 2 weeks. Volume has increased on the last day by 5 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, 19 thousand shares were bought and sold for approximately $890.89 thousand.
The ETFis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $46.56 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Invesco Russell 1000 Equal Weight ETF with a 90% probability to be traded between $44.15 and $47.18 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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EQAL Signals & Forecast
There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -0.451%. Further fall is indicated until a new bottom pivot has been found. Invesco Russell 1000 Equal Weight 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". The Invesco Russell 1000 Equal Weight ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $46.01. On a fall, the ETF will find some support from the long-term average at approximately $44.84. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
A sell signal from a double top formation was found on Wednesday, May 15, 2024 and based on theory for this formation the price should fall by -9.35% to $41.68 within 33 trading days since signal was issued (Wednesday, May 22, 2024).
Support, Risk & Stop-loss for Invesco Russell 1000 Equal Weight ETF
Invesco Russell 1000 Equal Weight finds support from accumulated volume at $45.11 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 with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.0900 between high and low, or 0.196%. For the last week the ETF has had daily average volatility of 0.343%.
The Invesco Russell 1000 Equal Weight ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: $44.93 (-2.30%) (This ETF has low daily movements and this gives low risk. The RSI14 is 87 and this increases the risk substantially. There is a sell signal from a pivot top found 24 days ago.)
Trading Expectations (EQAL) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Invesco Russell 1000 Equal Weight ETF to open at $45.98, and during the day (based on 14 day Average True Range), to move between $45.62 and $46.34, which gives a possible trading interval of +/-$0.362 (+/-0.79%) up or down from last closing price. If Invesco Russell 1000 Equal Weight ETF takes out the full calculated possible swing range there will be an estimated 1.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $46.11 (0.28%) than the support at $45.11 (1.90%), 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 Invesco Russell 1000 Equal Weight ETF ETF A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Invesco Russell 1000 Equal Weight ETF to perform well in the short-term period.
Current score: 2.532 Buy Candidate Unchanged
Predicted Opening Price for Invesco Russell 1000 Equal Weight ETF of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| $45.98 ( 0.0051%) | $45.98 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EQAL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.07 | 0.201 % | |
| R2 | 46.04 | 0.126 % | ||
| R1 | 46.02 | 0.0798 % | ||
| Current price: | 45.98 | |||
| Support | S1 | 45.95 | -0.0697 % | |
| S2 | 45.93 | -0.116 % | ||
| S3 | 45.89 | -0.191 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.19 | 0.453 % | |
| R2 | 46.13 | 0.322 % | ||
| R1 | 46.11 | 0.279 % | ||
| Current price | 45.98 | |||
| Support | S1 | 45.11 | -1.90% | |
| S2 | 44.75 | -2.68% | ||
| S3 | 43.40 | -5.61% |
EQAL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 18, 2024 | Mar 18, 2024 | Mar 22, 2024 | $0.186 | 0.411% |
| 2 | Dec 18, 2023 | Dec 18, 2023 | Dec 18, 2023 | $0.213 | 0.490% |
| 3 | Jan 02, 2023 | Sep 18, 2023 | Sep 22, 2023 | $0.231 | 0.576% |
| 4 | Jan 02, 2023 | Jun 20, 2023 | Jun 23, 2023 | $0.187 | 0.464% |
| 5 | Jan 02, 2023 | Mar 20, 2023 | Mar 24, 2023 | $0.198 | 0.505% |
FAQ
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