VanEck Vectors Australian Banks ETF Forecast

VanEck Vectors Australian Banks ETF upgraded to Strong Buy Candidate.
(Updated on Jun 25, 2024)

MVB.AX Signals & Forecast

Mostly positive signals in the chart today. The VanEck Vectors Australian Banks 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 A$35.10 and A$34.18. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 11.66%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). VanEck Vectors Australian Banks has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.

Support, Risk & Stop-loss for VanEck Vectors Australian Banks ETF

VanEck Vectors Australian Banks finds support from accumulated volume at A$33.92 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 A$0.290 between high and low, or 0.82%. For the last week the ETF has had daily average volatility of 0.719%.

Our recommended stop-loss: A$34.28 (-3.54%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 73 days ago.)

Trading Expectations (MVB.AX) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect VanEck Vectors Australian Banks ETF to open at A$35.44, and during the day (based on 14 day Average True Range), to move between A$35.20 and A$35.88, which gives a possible trading interval of +/-A$0.336 (+/-0.94%) up or down from last closing price. If VanEck Vectors Australian Banks ETF takes out the full calculated possible swing range there will be an estimated 1.89% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ A$33.92, some A$1.62 (4.56%) from the current price of A$35.54, our system finds the risk reward attractive.

Is VanEck Vectors Australian Banks ETF ETF A Buy?

VanEck Vectors Australian Banks holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 7.748 Strong Buy Candidate Upgraded

Predicted Opening Price for VanEck Vectors Australian Banks ETF of Wednesday, June 26, 2024

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