Invesco Dynamic Food & Beverage ETF Forecast

Green day on Thursday for Invesco Dynamic Food & Beverage ETF after gaining 0.557%
(Updated on May 16, 2024)

PBJ Signals & Forecast

There are mixed signals in the ETF today. The Invesco Dynamic Food & Beverage ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $47.90. On a fall, the ETF will find some support from the short-term average at $47.82. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Wednesday, March 27, 2024, and so far it has fallen -1.93%. 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). Invesco Dynamic Food & Beverage 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. The ETF had a Golden Star Signal on Friday, May 03, 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 Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Food & Beverage finds support from accumulated volume at $47.76 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 $0.235 between high and low, or 0.493%. For the last week the ETF has had daily average volatility of 0.620%.

Our recommended stop-loss: $45.61 (-4.66%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 35 days ago.)

Trading Expectations (PBJ) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect Invesco Dynamic Food & Beverage ETF to open at $47.81, and during the day (based on 14 day Average True Range), to move between $47.42 and $48.26, which gives a possible trading interval of +/-$0.418 (+/-0.87%) up or down from last closing price. If Invesco Dynamic Food & Beverage ETF takes out the full calculated possible swing range there will be an estimated 1.75% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $47.76 (0.17%) than the resistance at $48.15 (0.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Invesco Dynamic Food & Beverage ETF ETF A Buy?

Invesco Dynamic Food & Beverage 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.

Current score: 0.612 Hold/Accumulate Unchanged

Predicted Opening Price for Invesco Dynamic Food & Beverage ETF of Friday, May 17, 2024

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