GraniteShares 2x Long META Daily ETF Forecast
Green day on Tuesday for GraniteShares 2x Long META Daily ETF after gaining 1.91%
(Updated on Jul 02, 2024)
The GraniteShares 2x Long META Daily ETF price gained 1.91% on the last trading day (Tuesday, 2nd Jul 2024), rising from $26.73 to $27.24. During the last trading day the ETF fluctuated 4.49% from a day low at $26.17 to a day high of $27.35. The price has risen in 7 of the last 10 days and is up by 0.48% over the past 2 weeks. Volume fell on the last day by -891 thousand shares and in total, 335 thousand shares were bought and sold for approximately $9.13 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $28.36 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -2.34% during the next 3 months and, with a 90% probability hold a price between $19.00 and $27.69 at the end of this 3-month period.
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FBL Signals & Forecast
There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Thursday, June 27, 2024, and so far it has fallen -4.05%. 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). The GraniteShares 2x Long META Daily ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $27.21 and $25.41. A breakdown below any of these levels will issue sell signals. 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
GraniteShares 2x Long META Daily finds support from accumulated volume at $26.77 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 and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.18 between high and low, or 4.49%. For the last week, the ETF has had daily average volatility of 4.78%.
Our recommended stop-loss: $25.78 (-5.36%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 43 days ago.)
Trading Expectations (FBL) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect GraniteShares 2x Long META Daily ETF to open at $26.92, and during the day (based on 14 day Average True Range), to move between $26.03 and $28.45, which gives a possible trading interval of +/-$1.21 (+/-4.45%) 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 8.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $27.32 (0.29%) than the support at $26.77 (1.73%), 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 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.
Current score: -0.539 Hold/Accumulate Unchanged
Predicted Opening Price for GraniteShares 2x Long META Daily ETF of Wednesday, July 3, 2024
Fair opening price July 3, 2024 | Current price |
---|---|
$26.92 ( 1.18%) | $27.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FBL
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 28.09 | 3.13% |
R2 | 27.64 | 1.48% |
R1 | 27.37 | 0.467% |
Price | 27.24 | |
S1 | 26.47 | -2.83% |
S2 | 26.19 | -3.85% |
S3 | 25.74 | -5.49% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 28.93 | 6.20% |
R2 | 28.39 | 4.22% |
R1 | 27.32 | 0.294% |
Price | 27.24 | |
S1 | 26.77 | -1.73% |
S2 | 21.19 | -22.21% |
S3 | 20.96 | -23.05% |
FBL Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Dec 26, 2023 | Dec 27, 2023 | Dec 29, 2023 | $40.02 | 257.87% |
FAQ
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