MicroSectors FANG+ Index 3X Leveraged ETF Forecast
MicroSectors FANG+ Index 3X Leveraged ETF price up more than 5.55% on Monday
(Updated on May 06, 2024)
The MicroSectors FANG+ Index 3X Leveraged ETF price gained 5.55% on the last trading day (Monday, 6th May 2024), rising from $319.45 to $337.18. 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 5.17% from a day low at $321.00 to a day high of $337.60. The price has risen in 7 of the last 10 days and is up by 28.3% over the past 2 weeks. Volume fell on the last day by -194 thousand shares and in total, 1 million shares were bought and sold for approximately $342.87 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 $346.64 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 -5.89% during the next 3 months and, with a 90% probability hold a price between $239.08 and $326.23 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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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, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $308.16 and $314.52. 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 30.72%. 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 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+ Index 3X Leveraged ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $311.47 and $297.55. 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 $311.47. If this is broken, then the next support from accumulated volume will be at $297.55 and $281.50.
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 $16.60 between high and low, or 5.17%. For the last week, the ETF has had daily average volatility of 6.13%.
Our recommended stop-loss: $325.85 (-3.36%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (FNGU) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect MicroSectors FANG+ Index 3X Leveraged ETN to open at $331.93, and during the day (based on 14 day Average True Range), to move between $317.04 and $357.32, which gives a possible trading interval of +/-$20.14 (+/-5.97%) 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 11.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $337.50 (0.09%) than the support at $311.47 (7.63%), 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 MicroSectors FANG+ Index 3X Leveraged ETN ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.
Current score: 1.643 Buy Candidate Unchanged
Predicted Opening Price for MicroSectors FANG+ Index 3X Leveraged ETN of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $331.93 ( 1.56%) | $337.18 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 348.53 | 3.37 % | |
| R2 | 342.19 | 1.48 % | ||
| R1 | 338.27 | 0.323 % | ||
| Current price: | 337.18 | |||
| Support | S1 | 325.59 | -3.44 % | |
| S2 | 321.67 | -4.60 % | ||
| S3 | 315.33 | -6.48 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 352.69 | 4.60 % | |
| R2 | 341.80 | 1.37 % | ||
| R1 | 337.50 | 0.0949 % | ||
| Current price | 337.18 | |||
| Support | S1 | 311.47 | -7.63% | |
| S2 | 297.55 | -11.75% | ||
| S3 | 281.50 | -16.51% |
FAQ
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