BetaPro Canadian Gold Miners -2x Daily ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Is BetaPro Canadian Gold Miners -2x Daily ETF still a buy after falling -5.62% on Friday?
(Updated on May 17, 2024)
The BetaPro Canadian Gold Miners -2x Daily ETF price fell by -5.62% on the last day (Friday, 17th May 2024) from $3.56 to $3.36. During the last trading day the ETF fluctuated 4.48% from a day low at $3.35 to a day high of $3.50. The price has fallen in 8 of the last 10 days and is down by -19.23% for this period. Volume has increased on the last day by 1 million 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, 1 million shares were bought and sold for approximately $4.49 million.
The ETFhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $3.24, a level that may pose a second chance to hit a runner. According to fan-theory $3.95 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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HGD.TO Signals & Forecast
There are few to no technical positive signals at the moment. The BetaPro Canadian Gold Miners -2x Daily ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $3.60 and $4.02. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -21.68%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 BetaPro Canadian Gold Miners -2x Daily ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
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 $0.150 between high and low, or 4.48%. For the last week, the ETF has had daily average volatility of 3.18%.
Our recommended stop-loss: $3.23 (-3.81%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 19 days ago.)
Trading Expectations (HGD.TO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect BetaPro Canadian Gold Miners -2x Daily Bear ETF to open at $3.40, and during the day (based on 14 day Average True Range), to move between $3.18 and $3.54, which gives a possible trading interval of +/-$0.182 (+/-5.41%) up or down from last closing price. If BetaPro Canadian Gold Miners -2x Daily Bear ETF takes out the full calculated possible swing range there will be an estimated 10.83% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $3.71, some $0.350 (10.42%) from the current price of $3.36, our system finds the risk reward not very attractive.
Is BetaPro Canadian Gold Miners -2x Daily Bear ETF ETF A Buy?
BetaPro Canadian Gold Miners -2x Daily holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
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 BetaPro Canadian Gold Miners -2x Daily Bear ETF of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $3.40 ( 1.29%) | $3.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HGD.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.55 | 5.75 % | |
| R2 | 3.50 | 4.05 % | ||
| R1 | 3.46 | 3.00 % | ||
| Current price: | 3.36 | |||
| Support | S1 | 3.35 | -0.416 % | |
| S2 | 3.31 | -1.47 % | ||
| S3 | 3.25 | -3.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.16 | 23.81 % | |
| R2 | 4.01 | 19.35 % | ||
| R1 | 3.71 | 10.42 % | ||
| Current price | 3.36 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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