iShares S&P GSCI Commodity-Indexed Trust ETF Forecast
Weaker technical forecast for iShares S&P GSCI Commodity-Indexed Trust as ETF downgraded to Sell Candidate.
(Updated on Jun 21, 2024)
The iShares S&P GSCI Commodity-Indexed Trust ETF price fell by -0.94% on the last day (Friday, 21st Jun 2024) from $22.36 to $22.15. During the last trading day the ETF fluctuated 1.08% from a day low at $22.14 to a day high of $22.38. The price has risen in 6 of the last 10 days and is up by 1.65% over the past 2 weeks. Volume has increased on the last day by 442 thousand 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, 735 thousand shares were bought and sold for approximately $16.28 million.
The ETF lies in the middle of a 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 -2.20% during the next 3 months and, with a 90% probability hold a price between $20.77 and $22.04 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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GSG Signals & Forecast
The iShares S&P GSCI Commodity-Indexed Trust 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 $22.15 and $22.05. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, June 20, 2024, and so far it has fallen -0.94%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for iShares S&P GSCI Commodity-Indexed Trust ETF
iShares S&P GSCI Commodity-Indexed Trust finds support from accumulated volume at $22.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.240 between high and low, or 1.08%. For the last week the ETF has had daily average volatility of 0.84%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GSG) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect iShares S&P GSCI Commodity-Indexed Trust to open at $22.22, and during the day (based on 14 day Average True Range), to move between $21.91 and $22.39, which gives a possible trading interval of +/-$0.245 (+/-1.11%) up or down from last closing price. If iShares S&P GSCI Commodity-Indexed Trust takes out the full calculated possible swing range there will be an estimated 2.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $22.27 (0.54%) than the support at $22.00 (0.68%), 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 iShares S&P GSCI Commodity-Indexed Trust ETF A Buy?
iShares S&P GSCI Commodity-Indexed Trust holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.521 Sell Candidate Downgraded
Predicted Opening Price for iShares S&P GSCI Commodity-Indexed Trust of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $22.22 ( 0.331%) | $22.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GSG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.46 | 1.41% |
| R2 | 22.37 | 1.00% |
| R1 | 22.32 | 0.745% |
| Price | 22.15 | |
| S1 | 22.13 | -0.0828% |
| S2 | 22.08 | -0.339% |
| S3 | 21.98 | -0.752% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.67 | 2.35% |
| R2 | 22.63 | 2.17% |
| R1 | 22.27 | 0.542% |
| Price | 22.15 | |
| S1 | 22.00 | -0.677% |
| S2 | 21.83 | -1.44% |
| S3 | 21.55 | -2.71% |
FAQ
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