BetaPro NASDAQ-100 -2x Daily Bear ETF Forecast
Red day on Tuesday for BetaPro NASDAQ-100 -2x Daily Bear
(Updated on May 07, 2024)
The BetaPro NASDAQ-100 -2x Daily Bear ETF price fell by -0.0712% on the last day (Tuesday, 7th May 2024) from $14.05 to $14.04. It has now fallen 4 days in a row. During the last trading day the ETF fluctuated 1.04% from a day low at $13.94 to a day high of $14.09. The price has fallen in 7 of the last 10 days and is down by -6.59% for this period. Volume has increased on the last day by 132 thousand 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, 566 thousand shares were bought and sold for approximately $7.95 million.
The ETF lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $13.88 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 3.82% during the next 3 months and, with a 90% probability hold a price between $14.41 and $16.55 at the end of this 3-month period.
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HQD.TO Signals & Forecast
There are few to no technical positive signals at the moment. The BetaPro NASDAQ-100 -2x Daily Bear 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 $14.62 and $14.37. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -11.25%. 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 NASDAQ-100 -2x Daily Bear ETF
BetaPro NASDAQ-100 -2x Daily Bear finds support from accumulated volume at $14.03 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 $0.145 between high and low, or 1.04%. For the last week, the ETF has had daily average volatility of 2.51%.
Our recommended stop-loss: $13.34 (-5.02%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (HQD.TO) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect BetaPro NASDAQ-100 -2x Daily Bear ETF to open at $14.02, and during the day (based on 14 day Average True Range), to move between $13.59 and $14.49, which gives a possible trading interval of +/-$0.451 (+/-3.21%) up or down from last closing price. If BetaPro NASDAQ-100 -2x Daily Bear ETF takes out the full calculated possible swing range there will be an estimated 6.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.03 (0.07%) than the resistance at $14.06 (0.14%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BetaPro NASDAQ-100 -2x Daily Bear ETF ETF A Buy?
BetaPro NASDAQ-100 -2x Daily Bear 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.
Current score: -0.888 Hold/Accumulate Unchanged
Predicted Opening Price for BetaPro NASDAQ-100 -2x Daily Bear ETF of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $14.02 ( 0.131%) | $14.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HQD.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.17 | 0.90 % | |
| R2 | 14.11 | 0.508 % | ||
| R1 | 14.08 | 0.264 % | ||
| Current price: | 14.04 | |||
| Support | S1 | 13.97 | -0.525 % | |
| S2 | 13.93 | -0.769 % | ||
| S3 | 13.88 | -1.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.94 | 6.41 % | |
| R2 | 14.16 | 0.85 % | ||
| R1 | 14.06 | 0.142 % | ||
| Current price | 14.04 | |||
| Support | S1 | 14.03 | -0.0712% | |
| S2 | 13.91 | -0.93% | ||
| S3 | 13.71 | -2.35% |
FAQ
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