Horizons Equal Weight Canada Banks Index ETF Forecast

Red day on Friday for Horizons Equal Weight Canada Banks Index ETF after losing 0.0319%
(Updated on Jun 28, 2024)

HEWB.TO Signals & Forecast

There are mixed signals in the ETF today. The Horizons Equal Weight Canada Banks Index 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 $31.97. On a fall, the ETF will find some support from the short-term average at $31.19. 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). Horizons Equal Weight Canada Banks Index 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". A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 1.69%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for Horizons Equal Weight Canada Banks Index ETF

Horizons Equal Weight Canada Banks Index finds support from accumulated volume at $30.94 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 $0.190 between high and low, or 0.607%. For the last week the ETF has had daily average volatility of 0.558%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (HEWB.TO) For The Upcoming Trading Day Of Tuesday 2nd

For the upcoming trading day on Tuesday, 2nd we expect Horizons Equal Weight Canada Banks Index Etf to open at $31.37, and during the day (based on 14 day Average True Range), to move between $31.10 and $31.60, which gives a possible trading interval of +/-$0.252 (+/-0.80%) up or down from last closing price. If Horizons Equal Weight Canada Banks Index Etf takes out the full calculated possible swing range there will be an estimated 1.61% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $31.40 (0.16%) than the support at $30.94 (1.31%), 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 Horizons Equal Weight Canada Banks Index Etf ETF A Buy?

Horizons Equal Weight Canada Banks Index 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.

Current score: -1.570 Sell Candidate Unchanged

Predicted Opening Price for Horizons Equal Weight Canada Banks Index Etf of Tuesday, July 2, 2024

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