ProShares Short MidCap400 ETF Forecast

ProShares Short MidCap400 ETF downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jun 25, 2024)

MYY Signals & Forecast

The ProShares Short MidCap400 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 $20.68 and $20.40. A breakdown below any of these levels will issue sell signals. ProShares Short MidCap400 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. 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 Friday, June 14, 2024, and so far it has fallen -0.719%. 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). The ETF had a Golden Star Signal on Wednesday, June 05, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for ProShares Short MidCap400 ETF

ProShares Short MidCap400 finds support from accumulated volume at $20.73 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 $0.150 between high and low, or 0.728%. For the last week the ETF has had daily average volatility of 0.621%.

Our recommended stop-loss: $19.88 (-4.08%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 27 days ago.)

Trading Expectations (MYY) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect ProShares Short MidCap400 to open at $20.69, and during the day (based on 14 day Average True Range), to move between $20.52 and $20.94, which gives a possible trading interval of +/-$0.213 (+/-1.03%) up or down from last closing price. If ProShares Short MidCap400 takes out the full calculated possible swing range there will be an estimated 2.06% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $20.73 (0.00%) than the resistance at $20.91 (0.87%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ProShares Short MidCap400 ETF A Buy?

ProShares Short MidCap400 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.983 Hold/Accumulate Downgraded

Predicted Opening Price for ProShares Short MidCap400 of Wednesday, June 26, 2024

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