GraniteShares 2x Long META Daily ETF Forecast

A very strong day for GraniteShares 2x Long META Daily ETF price on Monday
(Updated on May 06, 2024)

FBL Signals & Forecast

There are mixed signals in the ETF today. The GraniteShares 2x Long META Daily 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 $26.44. On a fall, the ETF will find some support from the short-term average at $21.19. 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). A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 16.86%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.

Support, Risk & Stop-loss for GraniteShares 2x Long META Daily ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $21.19 and $20.96. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, GraniteShares 2x Long META Daily finds support just below today's level at $21.19. If this is broken, then the next support from accumulated volume will be at $20.96 and $20.16.

This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $1.23 between high and low, or 5.57%. For the last week, the ETF has had daily average volatility of 6.10%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (FBL) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect GraniteShares 2x Long META Daily ETF to open at $22.91, and during the day (based on 14 day Average True Range), to move between $21.42 and $25.16, which gives a possible trading interval of +/-$1.87 (+/-8.05%) up or down from last closing price. If GraniteShares 2x Long META Daily ETF takes out the full calculated possible swing range there will be an estimated 16.10% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $25.18 (8.12%) than the support at $21.19 (9.02%), 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 GraniteShares 2x Long META Daily ETF ETF A Buy?

GraniteShares 2x Long META Daily 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: -2.103 Sell Candidate Downgraded

Predicted Opening Price for GraniteShares 2x Long META Daily ETF of Tuesday, May 7, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.