GraniteShares 2x Long META Daily 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 Friday for GraniteShares 2x Long META Daily
(Updated on May 17, 2024)
The GraniteShares 2x Long META Daily ETF price fell by -0.543% on the last day (Friday, 17th May 2024) from $23.93 to $23.80. During the last trading day the ETF fluctuated 1.58% from a day low at $23.45 to a day high of $23.82. The price has risen in 7 of the last 10 days and is up by 8.13% over the past 2 weeks. 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 -210 thousand shares and in total, 323 thousand shares were bought and sold for approximately $7.70 million.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -14.20% during the next 3 months and, with a 90% probability hold a price between $16.25 and $24.45 at the end of this 3-month period.
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FBL Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The GraniteShares 2x Long META Daily 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 $24.06 and $25.46. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -4.11%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.370 between high and low, or 1.58%. For the last week, the ETF has had daily average volatility of 3.64%.
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 Monday 20th
For the upcoming trading day on Monday, 20th we expect GraniteShares 2x Long META Daily ETF to open at $23.69, and during the day (based on 14 day Average True Range), to move between $22.36 and $25.24, which gives a possible trading interval of +/-$1.44 (+/-6.07%) 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 12.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $23.99 (0.80%) than the support at $21.19 (10.97%), 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 is within a very wide and 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: -1.440 Sell Candidate Unchanged
Predicted Opening Price for GraniteShares 2x Long META Daily ETF of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $23.69 ( 0.462%) | $23.80 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 24.06 | 1.09 % | |
| R2 | 23.92 | 0.498 % | ||
| R1 | 23.83 | 0.131 % | ||
| Current price: | 23.80 | |||
| Support | S1 | 23.55 | -1.06 % | |
| S2 | 23.46 | -1.42 % | ||
| S3 | 23.32 | -2.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.93 | 21.55 % | |
| R2 | 26.77 | 12.48 % | ||
| R1 | 23.99 | 0.798 % | ||
| Current price | 23.80 | |||
| Support | S1 | 21.19 | -10.97% | |
| S2 | 20.96 | -11.93% | ||
| S3 | 20.16 | -15.29% |
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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