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:
![Bollinger Bottleneck Buy Pattern 1](https://stockinvest.us/assets/img/legend/boll_tight.gif?v=129805e49c0e70f186cb67723097252dce2833f4)
![Bollinger Bottleneck Buy Pattern 2](https://stockinvest.us/assets/img/legend/boll_tight2.gif?v=129805e49c0e70f186cb67723097252dce2833f4)
![Bollinger Bottleneck Sell Pattern](https://stockinvest.us/assets/img/legend/boll_tight3.gif?v=129805e49c0e70f186cb67723097252dce2833f4)
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
Green day on Thursday for BetaPro Canadian Gold Miners 2x Daily
(Updated on Jun 20, 2024)
The BetaPro Canadian Gold Miners 2x Daily ETF price gained 4.28% on the last trading day (Thursday, 20th Jun 2024), rising from $16.82 to $17.54. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 5.04% from a day low at $16.87 to a day high of $17.72. The price has risen in 6 of the last 10 days but is still down by -7.88% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 413 thousand more shares were traded than the day before. In total, 437 thousand shares were bought and sold for approximately $7.67 million.
The ETF lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 20.80% during the next 3 months and, with a 90% probability hold a price between $19.70 and $25.63 at the end of this 3-month period.
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HGU.TO Signals & Forecast
There are mixed signals in the ETF today. The BetaPro Canadian Gold Miners 2x Daily 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 $17.78. On a fall, the ETF will find some support from the short-term average at $16.72. 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. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -12.04%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for BetaPro Canadian Gold Miners 2x Daily ETF
BetaPro Canadian Gold Miners 2x Daily finds support from accumulated volume at $16.81 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.85 between high and low, or 5.04%. For the last week, the ETF has had daily average volatility of 3.58%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HGU.TO) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect BetaPro Canadian Gold Miners 2x Daily Bull ETF to open at $17.38, and during the day (based on 14 day Average True Range), to move between $16.71 and $18.37, which gives a possible trading interval of +/-$0.83 (+/-4.73%) up or down from last closing price. If BetaPro Canadian Gold Miners 2x Daily Bull ETF takes out the full calculated possible swing range there will be an estimated 9.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $18.03 (2.79%) than the support at $16.81 (4.16%), 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 Canadian Gold Miners 2x Daily Bull ETF ETF A Buy?
BetaPro Canadian Gold Miners 2x Daily 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: -1.934 Sell Candidate Unchanged
Predicted Opening Price for BetaPro Canadian Gold Miners 2x Daily Bull ETF of Friday, June 21, 2024
Fair opening price June 21, 2024 | Current price |
---|---|
$17.38 ( 0.93%) | $17.54 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HGU.TO
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 18.23 | 3.91% |
R2 | 17.90 | 2.06% |
R1 | 17.70 | 0.92% |
Price | 17.54 | |
S1 | 17.05 | -2.78% |
S2 | 16.85 | -3.93% |
S3 | 16.53 | -5.78% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 19.62 | 11.86% |
R2 | 18.19 | 3.71% |
R1 | 18.03 | 2.79% |
Price | 17.54 | |
S1 | 16.81 | -4.16% |
S2 | 16.68 | -4.90% |
S3 | 16.66 | -5.02% |
FAQ
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