Invesco DWA Momentum ETF Forecast
Invesco DWA Momentum ETF upgraded to Buy Candidate.
(Updated on May 02, 2024)
The Invesco DWA Momentum ETF price gained 1.19% on the last trading day (Thursday, 2nd May 2024), rising from $92.00 to $93.10. During the last trading day the ETF fluctuated 1.40% from a day low at $91.99 to a day high of $93.28. The price has risen in 6 of the last 10 days and is up by 1.15% over the past 2 weeks. Volume fell on the last day by -33 thousand shares and in total, 24 thousand shares were bought and sold for approximately $2.23 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $91.34 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 2.62% during the next 3 months and, with a 90% probability hold a price between $93.73 and $103.14 at the end of this 3-month period.
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PDP Signals & Forecast
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 $93.42 and $95.59. A break-up above any of these levels will issue buy signals. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 2.35%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.
Support, Risk & Stop-loss for Invesco DWA Momentum ETF
Invesco DWA Momentum finds support from accumulated volume at $92.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $1.29 (1.40%) between high and low. For the last week, the ETF has had daily average volatility of 1.35%.
Our recommended stop-loss: $88.29 (-5.16%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (PDP) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Invesco DWA Momentum ETF to open at $92.79, and during the day (based on 14 day Average True Range), to move between $91.71 and $94.48, which gives a possible trading interval of +/-$1.39 (+/-1.49%) 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 2.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $93.77 (0.73%) than the support at $92.00 (1.18%), 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?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.899 Buy Candidate Upgraded
Predicted Opening Price for Invesco DWA Momentum ETF of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $92.79 ( 0.331%) | $93.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PDP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 94.07 | 1.05 % | |
| R2 | 93.58 | 0.522 % | ||
| R1 | 93.28 | 0.196 % | ||
| Current price: | 93.10 | |||
| Support | S1 | 92.30 | -0.86 % | |
| S2 | 91.99 | -1.18 % | ||
| S3 | 91.50 | -1.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 95.13 | 2.19 % | |
| R2 | 94.57 | 1.58 % | ||
| R1 | 93.77 | 0.725 % | ||
| Current price | 93.10 | |||
| Support | S1 | 92.00 | -1.18% | |
| S2 | 91.70 | -1.50% | ||
| S3 | 90.07 | -3.25% |
PDP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 18, 2024 | Mar 18, 2024 | Mar 22, 2024 | $0.0275 | 0.0279% |
| 2 | Dec 18, 2023 | Dec 18, 2023 | Dec 22, 2023 | $0.0961 | 0.112% |
| 3 | Sep 18, 2023 | Sep 18, 2023 | Sep 22, 2023 | $0.0280 | 0.0364% |
| 4 | Sep 08, 2023 | Jun 20, 2023 | Jun 23, 2023 | $0.107 | 0.138% |
| 5 | Jun 19, 2023 | Mar 20, 2023 | Mar 24, 2023 | $0.126 | 0.173% |
FAQ
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