Roundhill Daily 2x Long Magnificent ETF Forecast
Evaluation of Roundhill Daily 2x Long Magnificent ETF downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Roundhill Daily 2x Long Magnificent ETF price fell by -2.18% on the last day (Friday, 28th Jun 2024) from $35.27 to $34.50. During the last trading day the ETF fluctuated 5.86% from a day low at $34.15 to a day high of $36.15. The price has been going up and down for this period, and there has been a 2.8% gain for the last 2 weeks. Volume has increased on the last day by 17 thousand 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, 47 thousand shares were bought and sold for approximately $1.63 million.
The ETF lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $35.43 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 37.38% during the next 3 months and, with a 90% probability hold a price between $42.03 and $48.67 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MAGX Signals & Forecast
The Roundhill Daily 2x Long Magnificent ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $34.07 and $30.93. 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). 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 Thursday, June 27, 2024, and so far it has fallen -2.18%. 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 Roundhill Daily 2x Long Magnificent ETF
Roundhill Daily 2x Long Magnificent finds support from accumulated volume at $34.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $2.00 between high and low, or 5.86%. For the last week, the ETF has had daily average volatility of 4.02%.
Our recommended stop-loss: $33.17 (-3.84%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 48 days ago.)
Trading Expectations (MAGX) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Roundhill Daily 2x Long Magnificent Seven Etf to open at $34.93, and during the day (based on 14 day Average True Range), to move between $33.49 and $35.51, which gives a possible trading interval of +/-$1.01 (+/-2.93%) up or down from last closing price. If Roundhill Daily 2x Long Magnificent Seven Etf takes out the full calculated possible swing range there will be an estimated 5.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $34.35 (0.43%) than the resistance at $35.14 (1.86%), 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 Daily 2x Long Magnificent Seven 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 Roundhill Daily 2x Long Magnificent ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.279 Buy Candidate Downgraded
Predicted Opening Price for Roundhill Daily 2x Long Magnificent Seven Etf of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
$34.93 ( 1.26%) | $34.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MAGX
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 36.93 | 7.05% |
R2 | 36.17 | 4.84% |
R1 | 35.70 | 3.47% |
Price | 34.50 | |
S1 | 34.17 | -0.96% |
S2 | 33.70 | -2.33% |
S3 | 32.93 | -4.54% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 35.27 | 2.23% |
R1 | 35.14 | 1.86% |
Price | 34.50 | |
S1 | 34.35 | -0.435% |
S2 | 33.56 | -2.72% |
S3 | 33.21 | -3.74% |
FAQ
Click here for our free guide on how to buy Roundhill Daily 2x Long Magnificent Seven Etf ETF.