GraniteShares 1.5x Long NVDA Daily ETF Forecast

High volatility in GraniteShares 1.5x Long NVDA Daily ETF price on Wednesday which ended trading at $33.57
(Updated on May 01, 2024)

NVDL Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 16.68%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The GraniteShares 1.5x Long NVDA Daily 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 $34.78 and $38.59. A break-up above any of these levels will issue buy signals. 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 GraniteShares 1.5x Long NVDA Daily ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $31.25 and $31.21. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, GraniteShares 1.5x Long NVDA Daily finds support just below today's level at $31.25. If this is broken, then the next support from accumulated volume will be at $31.21 and $28.77.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $3.99 between high and low, or 12.43%. For the last week, the ETF has had daily average volatility of 9.95%.

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

Trading Expectations (NVDL) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect GraniteShares 1.5x Long NVDA Daily ETF to open at $33.91, and during the day (based on 14 day Average True Range), to move between $27.60 and $39.54, which gives a possible trading interval of +/-$5.97 (+/-17.78%) up or down from last closing price. If GraniteShares 1.5x Long NVDA Daily ETF takes out the full calculated possible swing range there will be an estimated 35.56% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $31.25 (6.91%) than the resistance at $37.58 (11.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is GraniteShares 1.5x Long NVDA Daily ETF ETF A Buy?

GraniteShares 1.5x Long NVDA Daily holds several negative signals and is within a very 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Strong Sell to a Sell candidate.

Current score: -2.690 Sell Candidate Upgraded

Predicted Opening Price for GraniteShares 1.5x Long NVDA Daily ETF of Thursday, May 2, 2024

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