BetaPro Crude Oil Inverse Leveraged ETF Forecast
Stronger technical forecast for BetaPro Crude Oil Inverse Leveraged ETF price after Thursday trading.
(Updated on Jun 13, 2024)
The BetaPro Crude Oil Inverse Leveraged ETF price gained 0.584% on the last trading day (Thursday, 13th Jun 2024), rising from $6.85 to $6.89. During the last trading day the ETF fluctuated 2.07% from a day low at $6.77 to a day high of $6.91. The price has been going up and down for this period, and there has been a -1.43% loss for the last 2 weeks. Volume fell on the last day by -299 thousand shares and in total, 1 million shares were bought and sold for approximately $7.93 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $6.66 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 12.65% during the next 3 months and, with a 90% probability hold a price between $7.50 and $8.93 at the end of this 3-month period.
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HOD.TO Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, June 12, 2024, and so far it has risen 0.584%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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. On corrections up, there will be some resistance from the lines at $7.16 and $6.98. A break-up above any of these levels will issue buy signals.
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.
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 $0.140 between high and low, or 2.07%. For the last week, the ETF has had daily average volatility of 3.36%.
Our recommended stop-loss: $6.52 (-5.41%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (HOD.TO) For The Upcoming Trading Day Of Friday 14th
For the upcoming trading day on Friday, 14th we expect BetaPro Crude Oil Inverse Leveraged Daily Bear ETF to open at $6.86, and during the day (based on 14 day Average True Range), to move between $6.63 and $7.15, which gives a possible trading interval of +/-$0.261 (+/-3.78%) 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 7.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $6.91 (0.29%) than the support at $6.63 (3.77%), 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 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: -0.829 Hold/Accumulate Upgraded
Predicted Opening Price for BetaPro Crude Oil Inverse Leveraged Daily Bear ETF of Friday, June 14, 2024
| Fair opening price June 14, 2024 | Current price |
|---|---|
| $6.86 ( 0.484%) | $6.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HOD.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.00 | 1.55% |
| R2 | 6.94 | 0.772% |
| R1 | 6.91 | 0.292% |
| Price | 6.89 | |
| S1 | 6.80 | -1.26% |
| S2 | 6.77 | -1.74% |
| S3 | 6.72 | -2.52% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 7.67 | 11.25% |
| R2 | 6.92 | 0.435% |
| R1 | 6.91 | 0.290% |
| Price | 6.89 | |
| S1 | 6.63 | -3.77% |
| S2 | 6.08 | -11.76% |
| S3 | 6.01 | -12.77% |
FAQ
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