Invesco DWA Basic Materials Momentum ETF Forecast

Invesco DWA Basic Materials Momentum ETF price ended at $93.31 on Monday, after gaining 0.508%.
(Updated on May 20, 2024)

PYZ Signals & Forecast

Mostly positive signals in the chart today. The Invesco DWA Basic Materials Momentum 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 $92.43 and $90.35. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 6.81%. 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). Invesco DWA Basic Materials Momentum 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.

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

Invesco DWA Basic Materials Momentum finds support from accumulated volume at $89.40 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 $0.380 (0.408%) between high and low. For the last week, the ETF has had daily average volatility of 0.243%.

The Invesco DWA Basic Materials Momentum ETF is extremely overbought on RSI14 (92). This increases the short-term risk substantially.

Our recommended stop-loss: $90.15 (-3.39%) (This ETF has low daily movements and this gives low risk. The RSI14 is 92 and this increases the risk substantially. There is a buy signal from a pivot bottom found 33 days ago.)

Trading Expectations (PYZ) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Invesco DWA Basic Materials Momentum ETF to open at $93.36, and during the day (based on 14 day Average True Range), to move between $92.58 and $94.04, which gives a possible trading interval of +/-$0.730 (+/-0.78%) up or down from last closing price. If Invesco DWA Basic Materials Momentum ETF takes out the full calculated possible swing range there will be an estimated 1.57% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $89.40, some $3.91 (4.19%) from the current price of $93.31, our system finds the risk reward attractive.

Is Invesco DWA Basic Materials Momentum ETF ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Invesco DWA Basic Materials Momentum ETF to perform well in the short-term.

Current score: 3.594 Buy Candidate Unchanged

Predicted Opening Price for Invesco DWA Basic Materials Momentum ETF of Tuesday, May 21, 2024

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