BetaPro S&P/TSX Capped Financials 2x ETF Forecast

BetaPro S&P/TSX Capped Financials 2x ETF price up 0.97% on Friday
(Updated on May 31, 2024)

HFU.TO Signals & Forecast

The BetaPro S&P/TSX Capped Financials 2x ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $21.94. On a fall, the ETF will find some support from the long-term average at approximately $21.46. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 4.24%. Further rise is indicated until a new top pivot has been found. BetaPro S&P/TSX Capped Financials 2x has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for BetaPro S&P/TSX Capped Financials 2x ETF

BetaPro S&P/TSX Capped Financials 2x finds support from accumulated volume at $21.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.490 (2.29%) between high and low. For the last week, the ETF has had daily average volatility of 1.94%.

Our recommended stop-loss: $20.76 (-5.15%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (HFU.TO) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF to open at $21.73, and during the day (based on 14 day Average True Range), to move between $21.50 and $22.28, which gives a possible trading interval of +/-$0.391 (+/-1.78%) up or down from last closing price. If BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF takes out the full calculated possible swing range there will be an estimated 3.57% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $21.93 (0.18%) than the support at $21.00 (4.07%), 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 BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for BetaPro S&P/TSX Capped Financials 2x ETF to perform well in the short-term.

Current score: 2.388 Buy Candidate Unchanged

Predicted Opening Price for BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF of Monday, June 3, 2024

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