iShares North American Natural Resources ETF Forecast

iShares North American Natural Resources ETF upgraded to Buy Candidate.
(Updated on May 09, 2024)

IGE Signals & Forecast

The iShares North American Natural Resources ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $44.91 and $45.23. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. 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 Friday, April 05, 2024, and so far it has fallen -1.61%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for iShares North American Natural Resources ETF

iShares North American Natural Resources finds support from accumulated volume at $45.31 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 $0.540 between high and low, or 1.19%. For the last week the ETF has had daily average volatility of 1.02%.

Our recommended stop-loss: $44.15 (-3.49%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 24 days ago.)

Trading Expectations (IGE) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect iShares North American Natural Resources ETF to open at $45.57, and during the day (based on 14 day Average True Range), to move between $45.11 and $46.39, which gives a possible trading interval of +/-$0.637 (+/-1.39%) up or down from last closing price. If iShares North American Natural Resources ETF takes out the full calculated possible swing range there will be an estimated 2.79% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $46.19 (0.96%) than the support at $45.31 (0.97%), 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 iShares North American Natural Resources 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 iShares North American Natural Resources ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.

Current score: 2.010 Buy Candidate Upgraded

Predicted Opening Price for iShares North American Natural Resources ETF of Friday, May 10, 2024

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