Invesco Dynamic Semiconductors ETF Forecast
Weaker technical forecast for Invesco Dynamic Semiconductors as ETF downgraded to Hold/Accumulate.
(Updated on Jun 06, 2024)
The Invesco Dynamic Semiconductors ETF price fell by -0.84% on the last day (Thursday, 6th Jun 2024) from $60.90 to $60.39. During the last trading day the ETF fluctuated 1.76% from a day low at $60.10 to a day high of $61.16. The price has fallen in 6 of the last 10 days but is still up by 2.49% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -96 thousand shares and in total, 73 thousand shares were bought and sold for approximately $4.39 million.
The ETF lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $60.96 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 7.11% during the next 3 months and, with a 90% probability hold a price between $55.93 and $65.30 at the end of this 3-month period.
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PSI Signals & Forecast
The Invesco Dynamic Semiconductors 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 $59.48 and $56.38. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 05, 2024, and so far it has fallen -0.84%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Invesco Dynamic Semiconductors ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $56.20 and $56.00. 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, Invesco Dynamic Semiconductors finds support just below today's level at $56.20. If this is broken, then the next support from accumulated volume will be at $56.00 and $52.07.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.06 between high and low, or 1.76%. For the last week, the ETF has had daily average volatility of 2.86%.
Our recommended stop-loss: $58.00 (-3.96%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 33 days ago.)
Trading Expectations (PSI) For The Upcoming Trading Day Of Friday 7th
For the upcoming trading day on Friday, 7th we expect Invesco Dynamic Semiconductors ETF to open at $60.55, and during the day (based on 14 day Average True Range), to move between $59.00 and $61.78, which gives a possible trading interval of +/-$1.39 (+/-2.30%) up or down from last closing price. If Invesco Dynamic Semiconductors ETF takes out the full calculated possible swing range there will be an estimated 4.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $60.59 (0.33%) than the support at $56.20 (6.94%), 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 Dynamic Semiconductors ETF ETF A Buy?
Invesco Dynamic Semiconductors 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.285 Hold/Accumulate Downgraded
Predicted Opening Price for Invesco Dynamic Semiconductors ETF of Friday, June 7, 2024
Fair opening price June 7, 2024 | Current price |
---|---|
$60.55 ( 0.265%) | $60.39 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PSI
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 61.61 | 2.02% |
R2 | 61.21 | 1.35% |
R1 | 60.95 | 0.94% |
Price | 60.39 | |
S1 | 60.15 | -0.406% |
S2 | 59.89 | -0.82% |
S3 | 59.49 | -1.49% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 60.90 | 0.84% |
R1 | 60.59 | 0.331% |
Price | 60.39 | |
S1 | 56.20 | -6.94% |
S2 | 56.00 | -7.27% |
S3 | 52.07 | -13.78% |
PSI Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Dec 18, 2023 | Dec 18, 2023 | Dec 18, 2023 | $0.0520 | 0.107% |
2 | Jan 04, 2023 | Sep 18, 2023 | Sep 22, 2023 | $0.0250 | 0.0598% |
3 | Jan 04, 2023 | Jun 20, 2023 | Jun 23, 2023 | $0.0603 | 0.141% |
4 | Jan 04, 2023 | Mar 20, 2023 | Mar 24, 2023 | $0.184 | 0.462% |
5 | Jan 19, 2022 | Dec 19, 2022 | Dec 23, 2022 | $0.181 | 0.541% |
FAQ
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