iShares iBoxx $ High Yield Corporate ETF Forecast

Evaluation of iShares iBoxx $ High Yield Corporate ETF downgraded after the last trading session.
(Updated on Jun 28, 2024)

HYG Signals & Forecast

The iShares iBoxx $ High Yield Corporate ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $77.30. On a fall, the ETF will find some support from the long-term average at approximately $77.12. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -0.400%. 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. The ETF had a Golden Star Signal on Thursday, May 02, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, June 11, 2024.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for iShares iBoxx $ High Yield Corporate ETF

iShares iBoxx $ High Yield Corporate finds support from accumulated volume at $77.06 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 $0.380 between high and low, or 0.493%. For the last week the ETF has had daily average volatility of 0.249%.

Our recommended stop-loss: $72.66 (-5.80%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 51 days ago.)

Trading Expectations (HYG) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect iShares iBoxx $ High Yield Corporate Bond ETF to open at $77.27, and during the day (based on 14 day Average True Range), to move between $76.87 and $77.41, which gives a possible trading interval of +/-$0.274 (+/-0.35%) up or down from last closing price. If iShares iBoxx $ High Yield Corporate Bond ETF takes out the full calculated possible swing range there will be an estimated 0.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $77.06 (0.10%) than the resistance at $77.32 (0.23%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is iShares iBoxx $ High Yield Corporate Bond ETF ETF A Buy?

iShares iBoxx $ High Yield Corporate holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.752 Hold/Accumulate Downgraded

Predicted Opening Price for iShares iBoxx $ High Yield Corporate Bond ETF of Monday, July 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.