Invesco Golden Dragon China ETF Forecast
Invesco Golden Dragon China ETF price up 0.111% on Monday
(Updated on May 06, 2024)
The Invesco Golden Dragon China ETF price gained 0.111% on the last trading day (Monday, 6th May 2024), rising from $26.99 to $27.02. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.41% from a day low at $26.89 to a day high of $27.27. The price has risen in 9 of the last 10 days and is up by 12.26% over the past 2 weeks. Volume fell on the last day by -164 thousand shares and in total, 40 thousand shares were bought and sold for approximately $1.07 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 has broken the wide and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $26.83, a level that may pose a second chance to hit a runner. According to fan-theory $29.93 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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PGJ Signals & Forecast
The Invesco Golden Dragon China ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $25.99 and $24.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 14.78%. 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. 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 also not.
Support, Risk & Stop-loss for Invesco Golden Dragon China ETF
Invesco Golden Dragon China finds support from accumulated volume at $26.99 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 $0.380 between high and low, or 1.41%. For the last week the ETF has had daily average volatility of 2.17%.
The Invesco Golden Dragon China ETF is extremely overbought on RSI14 (82). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.
Our recommended stop-loss: $26.25 (-2.86%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (PGJ) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Invesco Golden Dragon China ETF to open at $27.06, and during the day (based on 14 day Average True Range), to move between $26.46 and $27.58, which gives a possible trading interval of +/-$0.561 (+/-2.08%) up or down from last closing price. If Invesco Golden Dragon China ETF takes out the full calculated possible swing range there will be an estimated 4.15% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $26.99, some $0.0300 (0.11%) from the current price of $27.02, our system finds the risk reward attractive.
Is Invesco Golden Dragon China ETF ETF A Buy?
Invesco Golden Dragon China 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: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Invesco Golden Dragon China ETF of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $27.06 ( 0.148%) | $27.02 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PGJ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 27.44 | 1.55 % | |
| R2 | 27.29 | 1.02 % | ||
| R1 | 27.21 | 0.685 % | ||
| Current price: | 27.02 | |||
| Support | S1 | 26.91 | -0.389 % | |
| S2 | 26.83 | -0.721 % | ||
| S3 | 26.68 | -1.26 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 27.02 | |||
| Support | S1 | 26.99 | -0.111% | |
| S2 | 25.60 | -5.26% | ||
| S3 | 23.54 | -12.88% |
PGJ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 18, 2023 | Dec 18, 2023 | Dec 22, 2023 | $0.396 | 1.59% |
| 2 | Sep 18, 2023 | Sep 18, 2023 | Sep 22, 2023 | $0.144 | 0.534% |
| 3 | Sep 08, 2023 | Jun 20, 2023 | Jun 23, 2023 | $0.0880 | 0.335% |
| 4 | Jun 19, 2023 | Mar 20, 2023 | Mar 24, 2023 | $0.0230 | 0.0811% |
| 5 | Dec 16, 2022 | Dec 19, 2022 | Dec 23, 2022 | $0.0830 | 0.303% |
FAQ
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