Evolve E-gaming Index Etf Trust Units ETF Forecast

Evolve E-gaming Index Etf Trust Units ETF price ended at $30.44 on Friday, after losing 0%.
(Updated on May 17, 2024)

HERO.TO Signals & Forecast

The Evolve E-gaming Index Etf Trust Units 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 $30.19 and $29.53. 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, May 16, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. The ETF had a Golden Star Signal on Tuesday, March 19, 2024 in the short-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 Evolve E-gaming Index Etf Trust Units ETF

Evolve E-gaming Index Etf Trust Units finds support from accumulated volume at $30.10 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0 between high and low, or 0%. For the last week the ETF has had daily average volatility of 0.139%

The Evolve E-gaming Index Etf Trust Units ETF is extremely overbought on RSI14 (92). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.

Our recommended stop-loss: $29.48 (-3.16%) (This ETF has low daily movements and this gives low risk. The RSI14 is 92 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (HERO.TO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Evolve E-gaming Index Etf Trust Units -hedged- to open at $30.44, and during the day (based on 14 day Average True Range), to move between $30.29 and $30.59, which gives a possible trading interval of +/-$0.147 (+/-0.48%) up or down from last closing price. If Evolve E-gaming Index Etf Trust Units -hedged- takes out the full calculated possible swing range there will be an estimated 0.96% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $30.45 (0.03%) than the support at $30.10 (1.12%), 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 Evolve E-gaming Index Etf Trust Units -hedged- ETF A Buy?

Evolve E-gaming Index Etf Trust Units 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.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Evolve E-gaming Index Etf Trust Units -hedged- of Tuesday, May 21, 2024

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