BetaPro S&P/TSX 60 -2x Daily Bear ETF Forecast
Weaker technical forecast for BetaPro S&P/TSX 60 -2x Daily Bear as ETF downgraded to Sell Candidate.
(Updated on May 31, 2024)
The BetaPro S&P/TSX 60 -2x Daily Bear ETF price fell by -2.01% on the last day (Friday, 31st May 2024) from $5.98 to $5.86. During the last trading day the ETF fluctuated 2.90% from a day low at $5.86 to a day high of $6.03. The price has fallen in 5 of the last 10 days but is still up by 0.34% over the past 2 weeks. Volume has increased on the last day by 301 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, 393 thousand shares were bought and sold for approximately $2.30 million.
The ETF is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect BetaPro S&P/TSX 60 -2x Daily Bear ETF with a 90% probability to be traded between $5.63 and $6.04 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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HXD.TO Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The BetaPro S&P/TSX 60 -2x Daily Bear 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 $5.92 and $5.95. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 29, 2024, and so far it has fallen -3.93%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
A buy signal from a double bottom formation was found on Friday, May 17, 2024 and based on theory for this formation the price should go up by 3.17% to $6.05 within 28 trading days since signal was issued (Monday, June 03, 2024).
Support, Risk & Stop-loss for BetaPro S&P/TSX 60 -2x Daily Bear ETF
BetaPro S&P/TSX 60 -2x Daily Bear finds support from accumulated volume at $5.84 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 with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.170 between high and low, or 2.90%. For the last week the ETF has had daily average volatility of 1.56%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HXD.TO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect BetaPro S&P/TSX 60 -2x Daily Bear ETF to open at $5.92, and during the day (based on 14 day Average True Range), to move between $5.75 and $5.97, which gives a possible trading interval of +/-$0.106 (+/-1.81%) up or down from last closing price. If BetaPro S&P/TSX 60 -2x Daily Bear ETF takes out the full calculated possible swing range there will be an estimated 3.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.88 (0.34%) than the support at $5.84 (0.34%), 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 S&P/TSX 60 -2x Daily Bear ETF ETF A Buy?
BetaPro S&P/TSX 60 -2x Daily Bear holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.964 Sell Candidate Downgraded
Predicted Opening Price for BetaPro S&P/TSX 60 -2x Daily Bear ETF of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $5.92 ( 0.97%) | $5.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HXD.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.09 | 3.87 % | |
| R2 | 6.02 | 2.76 % | ||
| R1 | 5.98 | 2.08 % | ||
| Current price: | 5.86 | |||
| Support | S1 | 5.85 | -0.141 % | |
| S2 | 5.81 | -0.83 % | ||
| S3 | 5.75 | -1.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.98 | 2.05 % | |
| R2 | 5.95 | 1.54 % | ||
| R1 | 5.88 | 0.341 % | ||
| Current price | 5.86 | |||
| Support | S1 | 5.84 | -0.341% | |
| S2 | 5.83 | -0.512% | ||
| S3 | 5.80 | -1.02% |
FAQ
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