BetaPro Crude Oil Leveraged Daily Bull ETF Forecast
BetaPro Crude Oil Leveraged Daily Bull ETF upgraded to Buy Candidate.
(Updated on Jul 02, 2024)
The BetaPro Crude Oil Leveraged Daily Bull ETF price gained 3.77% on the last trading day (Tuesday, 2nd Jul 2024), rising from $15.26 to $15.84. During the last trading day the ETF fluctuated 2.48% from a day low at $15.72 to a day high of $16.11. The price has been going up and down for this period, and there has been a 7.72% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 223 thousand more shares were traded than the day before. In total, 597 thousand shares were bought and sold for approximately $9.45 million.
Given the current short-term trend, the ETF is expected to fall -10.44% during the next 3 months and, with a 90% probability hold a price between $10.56 and $14.18 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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HOU.TO Signals & Forecast
Mostly positive signals in the chart today. The BetaPro Crude Oil Leveraged Daily Bull ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $15.28 and $14.21. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 28.11%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for BetaPro Crude Oil Leveraged Daily Bull ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $14.70 and $14.10. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, BetaPro Crude Oil Leveraged Daily Bull finds support just below today's level at $14.70. If this is broken, then the next support from accumulated volume will be at $14.10 and $12.64.
This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.390 between high and low, or 2.48%. For the last week, the ETF has had daily average volatility of 2.47%.
The BetaPro Crude Oil Leveraged Daily Bull ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: $15.28 (-3.48%) (This ETF has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 60 days ago.)
Trading Expectations (HOU.TO) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect BetaPro Crude Oil Leveraged Daily Bull ETF to open at $15.89, and during the day (based on 14 day Average True Range), to move between $15.34 and $16.33, which gives a possible trading interval of +/-$0.491 (+/-3.10%) up or down from last closing price. If BetaPro Crude Oil Leveraged Daily Bull ETF takes out the full calculated possible swing range there will be an estimated 6.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $16.34 (3.19%) than the support at $14.70 (7.17%), 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 Leveraged Daily Bull ETF ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.152 Buy Candidate Upgraded
Predicted Opening Price for BetaPro Crude Oil Leveraged Daily Bull ETF of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $15.89 ( 0.337%) | $15.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HOU.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 16.28 | 2.80% |
| R2 | 16.13 | 1.86% |
| R1 | 16.04 | 1.28% |
| Price | 15.84 | |
| S1 | 15.74 | -0.604% |
| S2 | 15.65 | -1.19% |
| S3 | 15.50 | -2.13% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 16.55 | 4.52% |
| R2 | 16.36 | 3.32% |
| R1 | 16.34 | 3.19% |
| Price | 15.84 | |
| S1 | 14.70 | -7.17% |
| S2 | 14.10 | -10.96% |
| S3 | 12.64 | -20.18% |
FAQ
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