Invesco S&p 500® Equal Weight Utilities ETF Forecast
Invesco S&p 500® Equal Weight Utilities ETF price ended at $58.03 on Friday, after losing 0.781%.
(Updated on Jun 28, 2024)
The Invesco S&p 500® Equal Weight Utilities ETF price fell by -0.781% on the last day (Friday, 28th Jun 2024) from $58.49 to $58.03. During the last trading day the ETF fluctuated 1.48% from a day low at $57.80 to a day high of $58.65. The price has fallen in 6 of the last 10 days and is down by -2.1% for this period. Volume has increased on the last day by 62 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, 77 thousand shares were bought and sold for approximately $4.49 million.
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 $57.70 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 7.49% during the next 3 months and, with a 90% probability hold a price between $62.02 and $68.45 at the end of this 3-month period.
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RSPU Signals & Forecast
There are few to no technical positive signals at the moment. The Invesco S&p 500® Equal Weight Utilities 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 $58.60 and $59.94. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -6.13%. 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 rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for Invesco S&p 500® Equal Weight Utilities ETF
Invesco S&p 500® Equal Weight Utilities finds support from accumulated volume at $57.80 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 $0.85 between high and low, or 1.48%. For the last week the ETF has had daily average volatility of 1.04%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RSPU) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Invesco S&p 500® Equal Weight Utilities Etf to open at $58.16, and during the day (based on 14 day Average True Range), to move between $57.36 and $58.71, which gives a possible trading interval of +/-$0.677 (+/-1.17%) up or down from last closing price. If Invesco S&p 500® Equal Weight Utilities Etf takes out the full calculated possible swing range there will be an estimated 2.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $57.80 (0.40%) than the resistance at $58.48 (0.77%), 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 Utilities Etf ETF A Buy?
The Invesco S&p 500® Equal Weight Utilities ETF holds several negative signals and despite the positive trend, we believe Invesco S&p 500® Equal Weight Utilities will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.
Current score: -1.280 Sell Candidate Unchanged
Predicted Opening Price for Invesco S&p 500® Equal Weight Utilities Etf of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $58.16 ( 0.218%) | $58.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RSPU
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 59.01 | 1.69% |
| R2 | 58.69 | 1.13% |
| R1 | 58.49 | 0.780% |
| Price | 58.03 | |
| S1 | 57.83 | -0.343% |
| S2 | 57.63 | -0.690% |
| S3 | 57.31 | -1.25% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 60.73 | 4.65% |
| R2 | 58.52 | 0.84% |
| R1 | 58.48 | 0.770% |
| Price | 58.03 | |
| S1 | 57.80 | -0.402% |
| S2 | 57.24 | -1.37% |
| S3 | 56.58 | -2.50% |
FAQ
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