ProShares UltraShort MidCap400 ETF Forecast

Green day on Friday for ProShares UltraShort MidCap400
(Updated on May 17, 2024)

MZZ Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 2.07%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ProShares UltraShort MidCap400 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 $10.84 and $11.34. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

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

ProShares UltraShort MidCap400 finds support from accumulated volume at $10.76 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, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0.0100 between high and low, or 0.0923%. For the last week the ETF has had daily average volatility of 0.553%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (MZZ) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect ProShares UltraShort MidCap400 to open at $10.84, and during the day (based on 14 day Average True Range), to move between $10.65 and $11.03, which gives a possible trading interval of +/-$0.193 (+/-1.78%) up or down from last closing price. If ProShares UltraShort MidCap400 takes out the full calculated possible swing range there will be an estimated 3.55% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $10.76 (0.74%) than the resistance at $11.14 (2.77%), 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 UltraShort MidCap400 ETF A Buy?

ProShares UltraShort MidCap400 holds several negative signals and is within a 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.

Current score: -2.050 Sell Candidate Unchanged

Predicted Opening Price for ProShares UltraShort MidCap400 of Monday, May 20, 2024

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