MicroSectors FANG+ Index 3X Leveraged ETF Forecast
A very strong day for MicroSectors FANG+ Index 3X Leveraged ETF price on Tuesday
(Updated on Jul 02, 2024)
The MicroSectors FANG+ Index 3X Leveraged ETF price gained 5.16% on the last trading day (Tuesday, 2nd Jul 2024), rising from $473.35 to $497.78. During the last trading day the ETF fluctuated 5.29% from a day low at $473.00 to a day high of $498.00. The price has been going up and down for this period, and there has been a 8.85% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 thousand more shares were traded than the day before. In total, 997 thousand shares were bought and sold for approximately $496.17 million.
Given the current short-term trend, the ETF is expected to rise 47.38% during the next 3 months and, with a 90% probability hold a price between $570.35 and $733.62 at the end of this 3-month period.
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FNGU Signals & Forecast
Mostly positive signals in the chart today. The MicroSectors FANG+ Index 3X 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 $449.99 and $393.70. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 92.98%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for MicroSectors FANG+ Index 3X Leveraged ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $434.25 and $408.21. 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, MicroSectors FANG+ Index 3X Leveraged finds support just below today's level at $434.25. If this is broken, then the next support from accumulated volume will be at $408.21 and $376.00.
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 $25.00 between high and low, or 5.29%. For the last week, the ETF has had daily average volatility of 5.67%.
Our recommended stop-loss: $480.26 (-3.52%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 56 days ago.)
Trading Expectations (FNGU) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect MicroSectors FANG+ Index 3X Leveraged ETN to open at $489.59, and during the day (based on 14 day Average True Range), to move between $476.36 and $519.20, which gives a possible trading interval of +/-$21.42 (+/-4.30%) up or down from last closing price. If MicroSectors FANG+ Index 3X Leveraged ETN takes out the full calculated possible swing range there will be an estimated 8.61% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $434.25, some $63.53 (12.76%) from the current price of $497.78, our system finds the risk reward attractive.
Is MicroSectors FANG+ Index 3X Leveraged ETN ETF A Buy?
MicroSectors FANG+ Index 3X Leveraged holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 8.181 Strong Buy Candidate Unchanged
Predicted Opening Price for MicroSectors FANG+ Index 3X Leveraged ETN of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $489.59 ( 1.64%) | $497.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FNGU
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 514.59 | 3.38% |
| R2 | 505.04 | 1.46% |
| R1 | 499.14 | 0.274% |
| Price | 497.78 | |
| S1 | 480.04 | -3.56% |
| S2 | 474.14 | -4.75% |
| S3 | 464.59 | -6.67% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 497.78 | |
| S1 | 434.25 | -12.76% |
| S2 | 408.21 | -17.99% |
| S3 | 376.00 | -24.46% |
FAQ
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