ProShares Short Russell2000 ETF Forecast
Red day on Wednesday for ProShares Short Russell2000 ETF after losing 0.185%
(Updated on May 01, 2024)
The ProShares Short Russell2000 ETF price fell by -0.185% on the last day (Wednesday, 1st May 2024) from $21.65 to $21.61. During the last trading day the ETF fluctuated 2.72% from a day low at $21.17 to a day high of $21.75. The price has fallen in 6 of the last 10 days and is down by -1.37% for this period. Volume has increased on the last day by 2 million 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, 3 million shares were bought and sold for approximately $73.89 million.
The ETFis at the upper part of a horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $21.96 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect ProShares Short Russell2000 ETF with a 90% probability to be traded between $19.89 and $21.82 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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RWM Signals & Forecast
The ProShares Short Russell2000 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 $21.46 and $21.03. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, April 18, 2024, and so far it has fallen -1.68%. Further fall is indicated until a new bottom pivot has been found. 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 ProShares Short Russell2000 ETF
ProShares Short Russell2000 finds support from accumulated volume at $21.17 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 $0.575 (2.72%) between high and low. For the last week, the ETF has had daily average volatility of 1.52%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RWM) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect ProShares Short Russell2000 to open at $21.51, and during the day (based on 14 day Average True Range), to move between $21.23 and $21.99, which gives a possible trading interval of +/-$0.376 (+/-1.74%) up or down from last closing price. If ProShares Short Russell2000 takes out the full calculated possible swing range there will be an estimated 3.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $21.68 (0.32%) than the support at $21.17 (2.04%), 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 ProShares Short Russell2000 ETF A Buy?
ProShares Short Russell2000 holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.
Current score: -1.869 Sell Candidate Unchanged
Predicted Opening Price for ProShares Short Russell2000 of Thursday, May 2, 2024
Fair opening price May 2, 2024 | Current price |
---|---|
$21.51 ( 0.470%) | $21.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RWM
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 22.08 | 2.19 % | |
R2 | 21.86 | 1.17 % | ||
R1 | 21.73 | 0.546 % | ||
Current price: | 21.61 | |||
Support | S1 | 21.29 | -1.49 % | |
S2 | 21.15 | -2.11 % | ||
S3 | 20.93 | -3.13 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 21.98 | 1.71 % | |
R2 | 21.85 | 1.11 % | ||
R1 | 21.68 | 0.324 % | ||
Current price | 21.61 | |||
Support | S1 | 21.17 | -2.04% | |
S2 | 21.04 | -2.64% | ||
S3 | 20.27 | -6.20% |
RWM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.258 | 1.28% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.350 | 1.63% |
3 | Jan 23, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.270 | 1.11% |
4 | Jan 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.241 | 1.04% |
5 | Jan 23, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.147 | 0.603% |
FAQ
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