Ishares Stoxx Europe 600 Basic Resources ETF Forecast
Ishares Stoxx Europe 600 Basic Resources ETF upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Jun 26, 2024)
The Ishares Stoxx Europe 600 Basic Resources ETF price fell by -0.496% on the last day (Wednesday, 26th Jun 2024) from 60.46€ to 60.16€. During the last trading day the ETF fluctuated 1.88% from a day low at 60.16€ to a day high of 61.29€. The price has fallen in 6 of the last 10 days and is down by -0.64% 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 -7 thousand shares and in total, 18 thousand shares were bought and sold for approximately 1.11€ million.
The ETF lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at 59.44€ is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 4.97% during the next 3 months and, with a 90% probability hold a price between 62.39€ and 70.25€ at the end of this 3-month period.
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EXV6.F Signals & Forecast
There are mixed signals in the ETF today. The Ishares Stoxx Europe 600 Basic Resources 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 60.26€ and 62.09€. A break-up above any of these levels will issue buy signals. 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. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 1.83%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Ishares Stoxx Europe 600 Basic Resources ETF
Ishares Stoxx Europe 600 Basic Resources finds support from accumulated volume at 59.08€ 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 1.13€ between high and low, or 1.88%. For the last week the ETF has had daily average volatility of 1.37%
Our recommended stop-loss: 56.55€ (-6.00%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (EXV6.F) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Ishares Stoxx Europe 600 Basic Resources Ucits Etf (de) to open at 60.54€, and during the day (based on 14 day Average True Range), to move between 59.28€ and 61.04€, which gives a possible trading interval of +/-0.88€ (+/-1.46%) up or down from last closing price. If Ishares Stoxx Europe 600 Basic Resources Ucits Etf (de) takes out the full calculated possible swing range there will be an estimated 2.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 59.08€ (1.80%) than the resistance at 61.72€ (2.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ishares Stoxx Europe 600 Basic Resources Ucits Etf (de) ETF A Buy?
Ishares Stoxx Europe 600 Basic Resources holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.761 Hold/Accumulate Upgraded
Predicted Opening Price for Ishares Stoxx Europe 600 Basic Resources Ucits Etf (de) of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| 60.54€ ( 0.626%) | 60.16€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EXV6.F
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 61.67 | 2.50% |
| R2 | 61.24 | 1.79% |
| R1 | 60.97 | 1.34% |
| Price | 60.16 | |
| S1 | 60.11 | -0.0914% |
| S2 | 59.84 | -0.535% |
| S3 | 59.41 | -1.25% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 62.73 | 4.27% |
| R2 | 62.35 | 3.64% |
| R1 | 61.72 | 2.59% |
| Price | 60.16 | |
| S1 | 59.08 | -1.80% |
| S2 | 58.97 | -1.98% |
| S3 | 58.46 | -2.83% |
FAQ
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