BetaPro Crude Oil Inverse Leveraged ETF Forecast

Stronger technical forecast for BetaPro Crude Oil Inverse Leveraged ETF price after Monday trading.
(Updated on Jun 17, 2024)

HOD.TO Signals & Forecast

There are mixed signals in the ETF today. The BetaPro Crude Oil Inverse Leveraged 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 $6.97 and $7.01. A break-up above any of these levels will issue buy signals. 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. A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for BetaPro Crude Oil Inverse Leveraged ETF

BetaPro Crude Oil Inverse Leveraged finds support from accumulated volume at $6.63 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 2.19%

Our recommended stop-loss: $6.44 (-5.92%) (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 (HOD.TO) For The Upcoming Trading Day Of Tuesday 18th

For the upcoming trading day on Tuesday, 18th we expect BetaPro Crude Oil Inverse Leveraged Daily Bear ETF to open at $6.84, and during the day (based on 14 day Average True Range), to move between $6.60 and $7.08, which gives a possible trading interval of +/-$0.236 (+/-3.45%) up or down from last closing price. If BetaPro Crude Oil Inverse Leveraged Daily Bear ETF takes out the full calculated possible swing range there will be an estimated 6.90% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $6.91 (1.02%) than the support at $6.63 (3.07%), 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 Crude Oil Inverse Leveraged Daily Bear ETF ETF A Buy?

BetaPro Crude Oil Inverse Leveraged 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.982 Hold/Accumulate Upgraded

Predicted Opening Price for BetaPro Crude Oil Inverse Leveraged Daily Bear ETF of Tuesday, June 18, 2024

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