iShares U.S. Basic Materials ETF Forecast

Green day on Friday for iShares U.S. Basic Materials ETF after gaining 0.0482%
(Updated on May 10, 2024)

IYM Signals & Forecast

The iShares U.S. Basic Materials 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 $143.23 and $144.33. 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 is rising along with the price. This is considered to be a good technical signal. 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 Tuesday, April 09, 2024, and so far it has fallen -2.49%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for iShares U.S. Basic Materials ETF

iShares U.S. Basic Materials finds support from accumulated volume at $143.48 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 $1.09 between high and low, or 0.753%. For the last week the ETF has had daily average volatility of 0.729%.

Our recommended stop-loss: $139.61 (-3.93%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)

Trading Expectations (IYM) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect iShares U.S. Basic Materials ETF to open at $145.63, and during the day (based on 14 day Average True Range), to move between $143.66 and $146.98, which gives a possible trading interval of +/-$1.66 (+/-1.14%) up or down from last closing price. If iShares U.S. Basic Materials ETF takes out the full calculated possible swing range there will be an estimated 2.28% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $146.93 (1.11%) than the support at $143.48 (1.27%), 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 U.S. Basic Materials ETF ETF A Buy?

iShares U.S. Basic Materials 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.

Current score: 0.973 Hold/Accumulate Unchanged

Predicted Opening Price for iShares U.S. Basic Materials ETF of Monday, May 13, 2024

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