AXS Short Innovation Daily ETF Forecast

AXS Short Innovation Daily ETF upgraded from Hold/Accumulate to Buy Candidate after Monday trading session.
(Updated on Apr 29, 2024)

SARK Signals & Forecast

The AXS Short Innovation Daily ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $30.80. On a fall, the ETF will find some support from the long-term average at approximately $28.53. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Friday, April 19, 2024, and so far it has fallen -6.86%. 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. The ETF had a Golden Star Signal on Thursday, March 28, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Buy

Special Signal Notification

Golden Star

The ETF had a Golden Star Signal on Thursday, March 28, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Tuesday, February 27, 2024 and based on theory for this formation the price should go up by 1.06% to $30.05 within 7 trading days since signal was issued (Tuesday, April 30, 2024).

Support, Risk & Stop-loss for AXS Short Innovation Daily ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $27.47 and $26.74. 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, AXS Short Innovation Daily finds support just below today's level at $27.47. If this is broken, then the next support from accumulated volume will be at $26.74 and $26.45.

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 $0.650 between high and low, or 2.21%. For the last week, the ETF has had daily average volatility of 2.95%.

Our recommended stop-loss: $28.36 (-4.64%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (SARK) For The Upcoming Trading Day Of Tuesday 30th

For the upcoming trading day on Tuesday, 30th we expect AXS Short Innovation Daily ETF to open at $29.74, and during the day (based on 14 day Average True Range), to move between $28.83 and $30.65, which gives a possible trading interval of +/-$0.91 (+/-3.07%) up or down from last closing price. If AXS Short Innovation Daily ETF takes out the full calculated possible swing range there will be an estimated 6.14% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $29.86 (0.40%) than the support at $27.47 (7.63%), 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 AXS Short Innovation Daily 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 AXS Short Innovation Daily ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.197 Buy Candidate Upgraded

Predicted Opening Price for AXS Short Innovation Daily ETF of Tuesday, April 30, 2024

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