MicroSectors FANG+ ETN ETF Forecast
Weaker technical forecast for MicroSectors FANG+ ETN as ETF downgraded to Hold/Accumulate.
(Updated on Apr 24, 2024)
The MicroSectors FANG+ ETN ETF price gained 0.676% on the last trading day (Wednesday, 24th Apr 2024), rising from $41.40 to $41.68. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 2.03% from a day low at $41.39 to a day high of $42.23. The price has fallen in 6 of the last 10 days and is down by -3.99% for this period. Volume fell on the last day by -56 thousand shares and in total, 88 thousand shares were bought and sold for approximately $3.65 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 in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 3.91% during the next 3 months and, with a 90% probability hold a price between $41.78 and $46.62 at the end of this 3-month period.
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FNGS Signals & Forecast
There are mixed signals in the ETF today. The MicroSectors FANG+ ETN 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 $42.83. On a fall, the ETF will find some support from the short-term average at $41.49. 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 Friday, April 19, 2024, and so far it has risen 3.86%. 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 MicroSectors FANG+ ETN ETF
MicroSectors FANG+ ETN finds support from accumulated volume at $41.57 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 $0.84 between high and low, or 2.03%. For the last week, the ETF has had daily average volatility of 2.08%.
Our recommended stop-loss: $39.88 (-4.31%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (FNGS) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect MicroSectors FANG+ ETN to open at $41.77, and during the day (based on 14 day Average True Range), to move between $40.81 and $42.55, which gives a possible trading interval of +/-$0.87 (+/-2.08%) up or down from last closing price. If MicroSectors FANG+ ETN takes out the full calculated possible swing range there will be an estimated 4.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $41.57 (0.26%) than the resistance at $41.84 (0.38%), 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+ ETN ETF A Buy?
MicroSectors FANG+ ETN 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.963 Hold/Accumulate Downgraded
Predicted Opening Price for MicroSectors FANG+ ETN of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $41.77 ( 0.208%) | $41.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FNGS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 42.61 | 2.22 % | |
| R2 | 42.29 | 1.45 % | ||
| R1 | 42.09 | 0.98 % | ||
| Current price: | 41.68 | |||
| Support | S1 | 41.45 | -0.561 % | |
| S2 | 41.25 | -1.04 % | ||
| S3 | 40.93 | -1.81 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 43.41 | 4.15 % | |
| R2 | 42.21 | 1.27 % | ||
| R1 | 41.84 | 0.384 % | ||
| Current price | 41.68 | |||
| Support | S1 | 41.57 | -0.264% | |
| S2 | 40.07 | -3.86% | ||
| S3 | 39.10 | -6.19% |
FAQ
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