Roundhill Magnificent Seven ETF Forecast
Stronger technical forecast for Roundhill Magnificent Seven ETF price after Thursday trading.
(Updated on May 02, 2024)
The Roundhill Magnificent Seven ETF price gained 1.75% on the last trading day (Thursday, 2nd May 2024), rising from $38.28 to $38.95. During the last trading day the ETF fluctuated 2.20% from a day low at $38.15 to a day high of $38.99. The price has risen in 7 of the last 10 days and is up by 3.04% over the past 2 weeks. Volume fell on the last day by -100 thousand shares and in total, 97 thousand shares were bought and sold for approximately $3.79 million. 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 middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 4.27% during the next 3 months and, with a 90% probability hold a price between $38.37 and $42.47 at the end of this 3-month period.
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MAGS Signals & Forecast
The Roundhill Magnificent Seven 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 $38.43 and $38.75. A breakdown below any of these levels will issue sell signals. 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 Monday, April 29, 2024, and so far it has fallen -0.97%. 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).
Support, Risk & Stop-loss for Roundhill Magnificent Seven ETF
Roundhill Magnificent Seven finds support from accumulated volume at $38.87 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.84 (2.20%) between high and low. For the last week, the ETF has had daily average volatility of 2.27%.
Our recommended stop-loss: $37.43 (-3.91%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (MAGS) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Roundhill Magnificent Seven ETF to open at $38.70, and during the day (based on 14 day Average True Range), to move between $38.00 and $39.90, which gives a possible trading interval of +/-$0.95 (+/-2.44%) up or down from last closing price. If Roundhill Magnificent Seven ETF takes out the full calculated possible swing range there will be an estimated 4.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $38.87 (0.21%) than the resistance at $39.33 (0.98%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Roundhill Magnificent Seven ETF ETF A Buy?
Roundhill Magnificent Seven holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.986 Hold/Accumulate Upgraded
Predicted Opening Price for Roundhill Magnificent Seven ETF of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
$38.70 ( 0.650%) | $38.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MAGS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 39.54 | 1.51 % | |
R2 | 39.22 | 0.682 % | ||
R1 | 39.02 | 0.173 % | ||
Current price: | 38.95 | |||
Support | S1 | 38.38 | -1.47 % | |
S2 | 38.18 | -1.98 % | ||
S3 | 37.86 | -2.81 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 39.59 | 1.64 % | |
R2 | 39.38 | 1.10 % | ||
R1 | 39.33 | 0.98 % | ||
Current price | 38.95 | |||
Support | S1 | 38.87 | -0.205% | |
S2 | 38.72 | -0.591% | ||
S3 | 36.55 | -6.16% |
MAGS Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Dec 27, 2023 | Dec 27, 2023 | Dec 29, 2023 | $0.146 | 0.436% |
2 | Aug 16, 2021 | Sep 23, 2021 | Sep 22, 2021 | $1.29 | 0% |
3 | Aug 16, 2021 | Aug 30, 2021 | Sep 22, 2021 | $1.73 | 0% |
4 | Dec 29, 2020 | Dec 29, 2020 | Dec 29, 2020 | $1.08 | 0% |
5 | Dec 31, 2003 | Jan 08, 2004 | Jan 27, 2004 | $0.0476 | 0% |
FAQ
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