Horizons S&P/TSX Capped Energy Index ETF Forecast
Horizons S&P/TSX Capped Energy Index ETF price ended at $38.87 on Wednesday, after gaining 0.103%.
(Updated on Apr 24, 2024)
The Horizons S&P/TSX Capped Energy Index ETF price gained 0.103% on the last trading day (Wednesday, 24th Apr 2024), rising from $38.83 to $38.87. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.361% from a day low at $38.75 to a day high of $38.89. The price has been going up and down for this period, and there has been a -3.04% loss for the last 2 weeks. Volume fell on the last day by -876 shares and in total, 2 thousand shares were bought and sold for approximately $59.28 thousand. 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 strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $38.34 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 31.57% during the next 3 months and, with a 90% probability hold a price between $50.44 and $54.87 at the end of this 3-month period.
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HXE.TO Signals & Forecast
There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -3.04%. 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 fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The Horizons S&P/TSX Capped Energy Index 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 $38.59 and $37.30. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Horizons S&P/TSX Capped Energy Index ETF
Horizons S&P/TSX Capped Energy Index finds support from accumulated volume at $38.68 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 controlled movements and therefore the general risk is considered 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 $0.140 between high and low, or 0.361%. For the last week the ETF has had daily average volatility of 0.792%.
Our recommended stop-loss: $37.28 (-4.09%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (HXE.TO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Horizons S&P/TSX Capped Energy Index ETF to open at $38.84, and during the day (based on 14 day Average True Range), to move between $38.41 and $39.33, which gives a possible trading interval of +/-$0.458 (+/-1.18%) up or down from last closing price. If Horizons S&P/TSX Capped Energy Index ETF takes out the full calculated possible swing range there will be an estimated 2.36% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $38.68 (0.49%) than the resistance at $39.27 (1.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Horizons S&P/TSX Capped Energy Index ETF ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Horizons S&P/TSX Capped Energy Index ETF to perform well in the short-term.
Current score: 1.515 Buy Candidate Unchanged
Predicted Opening Price for Horizons S&P/TSX Capped Energy Index ETF of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $38.84 ( 0.0858%) | $38.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HXE.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.98 | 0.274 % | |
| R2 | 38.92 | 0.137 % | ||
| R1 | 38.89 | 0.0518 % | ||
| Current price: | 38.87 | |||
| Support | S1 | 38.78 | -0.223 % | |
| S2 | 38.75 | -0.308 % | ||
| S3 | 38.70 | -0.446 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.09 | 3.14 % | |
| R2 | 39.28 | 1.05 % | ||
| R1 | 39.27 | 1.03 % | ||
| Current price | 38.87 | |||
| Support | S1 | 38.68 | -0.489% | |
| S2 | 36.87 | -5.15% | ||
| S3 | 30.38 | -21.84% |
FAQ
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