ProShares UltraShort Bloomberg Natural ETF Forecast
ProShares UltraShort Bloomberg Natural ETF price fell more than -7.67% Friday closing at $64.88
(Updated on May 03, 2024)
The ProShares UltraShort Bloomberg Natural ETF price fell by -7.67% on the last day (Friday, 3rd May 2024) from $70.27 to $64.88. During the last trading day the ETF fluctuated 9.77% from a day low at $64.27 to a day high of $70.55. The price has fallen in 6 of the last 10 days and is down by -10.13% for this period. Volume has increased on the last day by 1 million 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, 2 million shares were bought and sold for approximately $137.23 million.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -42.53% during the next 3 months and, with a 90% probability hold a price between $19.15 and $60.19 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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KOLD 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 ProShares UltraShort Bloomberg Natural 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 $70.59 and $108.63. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, February 14, 2024, and so far it has fallen -62.60%. 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.
Support, Risk & Stop-loss for ProShares UltraShort Bloomberg Natural ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $6.28 between high and low, or 9.77%. For the last week, the ETF has had daily average volatility of 6.32%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (KOLD) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect ProShares UltraShort Bloomberg Natural Gas (KOLD) to open at $66.57, and during the day (based on 14 day Average True Range), to move between $57.24 and $72.52, which gives a possible trading interval of +/-$7.64 (+/-11.78%) up or down from last closing price. If ProShares UltraShort Bloomberg Natural Gas (KOLD) takes out the full calculated possible swing range there will be an estimated 23.56% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $67.59, some $2.71 (4.18%) from the current price of $64.88, our system finds the risk reward not very attractive.
Is ProShares UltraShort Bloomberg Natural Gas (KOLD) ETF A Buy?
ProShares UltraShort Bloomberg Natural holds several negative signals and is within a very wide and 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 Sell to a Strong Sell candidate.
Current score: -6.608 Strong Sell Candidate Downgraded
Predicted Opening Price for ProShares UltraShort Bloomberg Natural Gas (KOLD) of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$66.57 ( 2.60%) | $64.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KOLD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 72.85 | 12.28 % | |
R2 | 70.45 | 8.58 % | ||
R1 | 68.97 | 6.30 % | ||
Current price: | 64.88 | |||
Support | S1 | 64.17 | -1.10 % | |
S2 | 62.68 | -3.38 % | ||
S3 | 60.28 | -7.08 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 72.00 | 10.97 % | |
R2 | 70.27 | 8.31 % | ||
R1 | 67.59 | 4.18 % | ||
Current price | 64.88 | |||
Support | S1 | 0 | . | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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