iPath Series B Carbon ETN ETF Forecast
Red day on Thursday for iPath Series B Carbon ETN ETF after losing 0.330%
(Updated on Mar 28, 2024)
The iPath Series B Carbon ETN ETF price fell by -0.330% on the last day (Thursday, 28th Mar 2024) from $24.21 to $24.13. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 1.51% from a day low at $23.83 to a day high of $24.19. The price has fallen in 6 of the last 10 days but is still up by 5.47% over the past 2 weeks. Volume has increased on the last day by 80 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 thousand shares were bought and sold for approximately $82.91 thousand.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -16.40% during the next 3 months and, with a 90% probability hold a price between $15.28 and $21.50 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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GRN Signals & Forecast
The iPath Series B Carbon ETN 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 $23.99 and $22.50. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, February 23, 2024, and so far it has risen 19.10%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. iPath Series B Carbon ETN gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for iPath Series B Carbon ETN ETF
iPath Series B Carbon ETN finds support from accumulated volume at $24.04 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 $0.360 between high and low, or 1.51%. For the last week, the ETF has had daily average volatility of 1.46%.
Our recommended stop-loss: $23.34 (-3.27%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (GRN) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect iPath Series B Carbon ETN to open at $24.05, and during the day (based on 14 day Average True Range), to move between $23.41 and $24.85, which gives a possible trading interval of +/-$0.717 (+/-2.97%) up or down from last closing price. If iPath Series B Carbon ETN takes out the full calculated possible swing range there will be an estimated 5.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $24.04 (0.36%) than the resistance at $24.39 (1.08%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is iPath Series B Carbon 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: 3.015 Buy Candidate Unchanged
Predicted Opening Price for iPath Series B Carbon ETN of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$24.05 ( 0.332%) | $24.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GRN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 24.41 | 1.16 % | |
R2 | 24.27 | 0.590 % | ||
R1 | 24.19 | 0.238 % | ||
Current price: | 24.13 | |||
Support | S1 | 23.91 | -0.90 % | |
S2 | 23.83 | -1.25 % | ||
S3 | 23.69 | -1.82 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 27.54 | 14.14 % | |
R2 | 25.04 | 3.77 % | ||
R1 | 24.39 | 1.08 % | ||
Current price | 24.13 | |||
Support | S1 | 24.04 | -0.358% | |
S2 | 23.77 | -1.49% | ||
S3 | 22.18 | -8.10% |
FAQ
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