Invesco DWA Momentum ETF Forecast

Red day on Friday for Invesco DWA Momentum
(Updated on Apr 19, 2024)

PDP Signals & Forecast

There are few to no technical positive signals at the moment. The Invesco DWA Momentum 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 $93.55 and $96.33. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 21, 2024, and so far it has fallen -8.39%. 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). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for Invesco DWA Momentum ETF

Invesco DWA Momentum finds support from accumulated volume at $90.07 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 controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the ETF. During the last day, the ETF moved $1.58 between high and low, or 1.74%. For the last week the ETF has had daily average volatility of 1.75%.

Invesco DWA Momentum is oversold on RSI14 (23). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: $86.83 (-4.54%) (This ETF has low daily movements and this gives low risk. Low RSI14 is 23 which reduces the risk some. There is a sell signal from a pivot top found 20 days ago.)

Trading Expectations (PDP) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Invesco DWA Momentum ETF to open at $91.25, and during the day (based on 14 day Average True Range), to move between $89.62 and $92.30, which gives a possible trading interval of +/-$1.34 (+/-1.47%) up or down from last closing price. If Invesco DWA Momentum ETF takes out the full calculated possible swing range there will be an estimated 2.95% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $91.70 (0.81%) than the support at $90.07 (0.98%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Invesco DWA Momentum ETF ETF A Buy?

Invesco DWA Momentum holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.380 Hold/Accumulate Unchanged

Predicted Opening Price for Invesco DWA Momentum ETF of Monday, April 22, 2024

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