Invesco S&p 500® Equal Weight Materials ETF Forecast
Red day on Thursday for Invesco S&p 500® Equal Weight Materials
(Updated on Jun 27, 2024)
The Invesco S&p 500® Equal Weight Materials ETF price fell by -0.591% on the last day (Thursday, 27th Jun 2024) from $34.66 to $34.46. During the last trading day the ETF fluctuated 0.599% from a day low at $34.43 to a day high of $34.64. The price has fallen in 6 of the last 10 days and is down by -2.23% for this period. Volume has increased on the last day by 20 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 27 thousand shares were bought and sold for approximately $944.34 thousand.
The ETF is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $34.04 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Invesco S&p 500® Equal Weight Materials ETF with a 90% probability to be traded between $33.72 and $36.02 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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RSPM Signals & Forecast
There are few to no technical positive signals at the moment. The Invesco S&p 500® Equal Weight Materials 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 $34.77 and $35.65. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -5.60%. 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). Invesco S&p 500® Equal Weight Materials gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Invesco S&p 500® Equal Weight Materials ETF
Invesco S&p 500® Equal Weight Materials finds support from accumulated volume at $34.43 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 very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.206 between high and low, or 0.599%. For the last week the ETF has had daily average volatility of 0.88%.
Invesco S&p 500® Equal Weight Materials is oversold on RSI14 (24). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RSPM) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Invesco S&p 500® Equal Weight Materials Etf to open at $34.51, and during the day (based on 14 day Average True Range), to move between $34.10 and $34.81, which gives a possible trading interval of +/-$0.359 (+/-1.04%) up or down from last closing price. If Invesco S&p 500® Equal Weight Materials Etf takes out the full calculated possible swing range there will be an estimated 2.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $34.43 (0.07%) than the resistance at $35.11 (1.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Invesco S&p 500® Equal Weight Materials Etf ETF A Buy?
Invesco S&p 500® Equal Weight Materials holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -2.217 Sell Candidate Unchanged
Predicted Opening Price for Invesco S&p 500® Equal Weight Materials Etf of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| $34.51 ( 0.158%) | $34.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RSPM
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 34.72 | 0.757% |
| R2 | 34.64 | 0.528% |
| R1 | 34.59 | 0.387% |
| Price | 34.46 | |
| S1 | 34.43 | -0.0704% |
| S2 | 34.38 | -0.212% |
| S3 | 34.30 | -0.440% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 36.08 | 4.72% |
| R2 | 35.85 | 4.05% |
| R1 | 35.11 | 1.90% |
| Price | 34.46 | |
| S1 | 34.43 | -0.0726% |
| S2 | 34.34 | -0.334% |
| S3 | 34.29 | -0.479% |
FAQ
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