Global X Euro Stoxx 50 Etf ETF Forecast
Global X Euro Stoxx 50 Etf ETF price down 3.42% on Friday
(Updated on Jun 28, 2024)
The Global X Euro Stoxx 50 Etf ETF price fell by -3.42% on the last day (Friday, 28th Jun 2024) from $90.38 to $87.29. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 0.379% from a day low at $87.02 to a day high of $87.35. The price has fallen in 7 of the last 10 days and is down by -4.76% 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 -4 thousand shares and in total, 4 thousand shares were bought and sold for approximately $329.69 thousand.
The ETF has broken the horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $89.82 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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ESTX.AX Signals & Forecast
There are few to no technical positive signals at the moment. The Global X Euro Stoxx 50 Etf ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $90.33 and $92.80. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 07, 2024, and so far it has fallen -7.86%. 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). 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 Global X Euro Stoxx 50 Etf ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
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 $0.330 between high and low, or 0.379%. For the last week the ETF has had daily average volatility of 0.478%
Global X Euro Stoxx 50 Etf is oversold on RSI14 (23). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ESTX.AX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Global X Euro Stoxx 50 Etf to open at $87.22, and during the day (based on 14 day Average True Range), to move between $86.16 and $88.42, which gives a possible trading interval of +/-$1.13 (+/-1.29%) up or down from last closing price. If Global X Euro Stoxx 50 Etf takes out the full calculated possible swing range there will be an estimated 2.58% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $93.80, some $6.51 (7.46%) from the current price of $87.29, our system finds the risk reward not very attractive.
Is Global X Euro Stoxx 50 Etf ETF A Buy?
Global X Euro Stoxx 50 Etf holds several negative signals and is within a 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: -3.632 Sell Candidate Unchanged
Predicted Opening Price for Global X Euro Stoxx 50 Etf of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $87.22 ( 0.0802%) | $87.29 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ESTX.AX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 87.55 | 0.298% |
| R2 | 87.42 | 0.153% |
| R1 | 87.35 | 0.0642% |
| Price | 87.29 | |
| S1 | 87.09 | -0.225% |
| S2 | 87.02 | -0.314% |
| S3 | 86.89 | -0.458% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 94.62 | 8.40% |
| R2 | 93.97 | 7.65% |
| R1 | 93.80 | 7.46% |
| Price | 87.29 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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