MicroSectors FANG+ Index 2X Leveraged ETF Forecast
Red day on Friday for MicroSectors FANG+ Index 2X Leveraged
(Updated on May 10, 2024)
The MicroSectors FANG+ Index 2X Leveraged ETF price fell by -0.428% on the last day (Friday, 10th May 2024) from $59.27 to $59.02. It has now fallen 4 days in a row. During the last trading day the ETF fluctuated 1.95% from a day low at $59.00 to a day high of $60.15. The price has fallen in 6 of the last 10 days but is still up by 3.98% 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 -9 thousand shares and in total, 6 thousand shares were bought and sold for approximately $371.12 thousand.
The ETFis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $60.19 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect MicroSectors FANG+ Index 2X Leveraged ETF with a 90% probability to be traded between $49.08 and $59.13 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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FNGO Signals & Forecast
The MicroSectors FANG+ Index 2X Leveraged 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 $58.87 and $57.44. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -2.06%. Further fall is indicated until a new bottom pivot has been found. 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 MicroSectors FANG+ Index 2X Leveraged ETF
MicroSectors FANG+ Index 2X Leveraged finds support from accumulated volume at $58.81 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, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $1.15 between high and low, or 1.95%. For the last week the ETF has had daily average volatility of 1.70%.
Our recommended stop-loss: $56.53 (-4.22%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (FNGO) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect MicroSectors FANG+ Index 2X Leveraged ETN to open at $59.39, and during the day (based on 14 day Average True Range), to move between $57.08 and $60.96, which gives a possible trading interval of +/-$1.94 (+/-3.29%) up or down from last closing price. If MicroSectors FANG+ Index 2X Leveraged ETN takes out the full calculated possible swing range there will be an estimated 6.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $58.81 (0.36%) than the resistance at $59.27 (0.42%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MicroSectors FANG+ Index 2X Leveraged ETN ETF A Buy?
MicroSectors FANG+ Index 2X Leveraged 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: 0.482 Hold/Accumulate Unchanged
Predicted Opening Price for MicroSectors FANG+ Index 2X Leveraged ETN of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $59.39 ( 0.627%) | $59.02 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FNGO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 60.54 | 2.58 % | |
| R2 | 60.10 | 1.83 % | ||
| R1 | 59.83 | 1.37 % | ||
| Current price: | 59.02 | |||
| Support | S1 | 58.95 | -0.117 % | |
| S2 | 58.68 | -0.577 % | ||
| S3 | 58.24 | -1.32 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 60.14 | 1.90 % | |
| R2 | 59.49 | 0.796 % | ||
| R1 | 59.27 | 0.424 % | ||
| Current price | 59.02 | |||
| Support | S1 | 58.81 | -0.356% | |
| S2 | 57.44 | -2.68% | ||
| S3 | 56.18 | -4.81% |
FAQ
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