SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES ETF Forecast

SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES ETF upgraded to Hold/Accumulate.
(Updated on Jun 20, 2024)

GNR Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 1.92%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES 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 $58.02. On a fall, the ETF will find some support from the short-term average at $55.15. 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). The ETF had a Golden Star Signal on Wednesday, December 13, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES ETF

SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES finds support from accumulated volume at $55.54 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 $0.720 between high and low, or 1.31%. For the last week, the ETF has had daily average volatility of 1.06%.

Our recommended stop-loss: $52.11 (-6.36%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)

Trading Expectations (GNR) For The Upcoming Trading Day Of Friday 21st

For the upcoming trading day on Friday, 21st we expect SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES ETF to open at $55.50, and during the day (based on 14 day Average True Range), to move between $54.80 and $56.50, which gives a possible trading interval of +/-$0.85 (+/-1.54%) up or down from last closing price. If SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES ETF takes out the full calculated possible swing range there will be an estimated 3.07% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $55.54 (0.20%) than the resistance at $56.38 (1.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES ETF ETF A Buy?

SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.265 Hold/Accumulate Upgraded

Predicted Opening Price for SPDR(R) S&P(R) GLOBAL NATURAL RESOURCES ETF of Friday, June 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.