Invesco Stoxx Europe 600 Optimised ETF Forecast
Stronger technical forecast for Invesco Stoxx Europe 600 Optimised ETF price after Monday trading.
(Updated on Jun 24, 2024)
The Invesco Stoxx Europe 600 Optimised ETF price gained 0.715% on the last trading day (Monday, 24th Jun 2024), rising from 573.10€ to 577.20€. During the last trading day the ETF fluctuated 1.07% from a day low at 572.00€ to a day high of 578.10€. The price has fallen in 6 of the last 10 days and is down by -2.45% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 511 more shares were traded than the day before. In total, 538 shares were bought and sold for approximately 310.53€ 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 570.20€ will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Invesco Stoxx Europe 600 Optimised ETF with a 90% probability to be traded between 580.13€ and 629.86€ 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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SC01.F Signals & Forecast
The Invesco Stoxx Europe 600 Optimised 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 577.56€ and 596.51€. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 1.02%. Further rise is indicated until a new top pivot has been found. Invesco Stoxx Europe 600 Optimised 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 Stoxx Europe 600 Optimised ETF
Invesco Stoxx Europe 600 Optimised finds support from accumulated volume at 573.90€ 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 6.10€ between high and low, or 1.07%. For the last week the ETF has had daily average volatility of 0.752%.
Our recommended stop-loss: 542.00€ (-6.10%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (SC01.F) For The Upcoming Trading Day Of Tuesday 25th
For the upcoming trading day on Tuesday, 25th we expect Invesco Stoxx Europe 600 Optimised Construction & Materials Ucits Etf to open at 575.77€, and during the day (based on 14 day Average True Range), to move between 570.40€ and 584.00€, which gives a possible trading interval of +/-6.80€ (+/-1.18%) up or down from last closing price. If Invesco Stoxx Europe 600 Optimised Construction & Materials Ucits Etf takes out the full calculated possible swing range there will be an estimated 2.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 579.30€ (0.36%) than the support at 573.90€ (0.57%), 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 Invesco Stoxx Europe 600 Optimised Construction & Materials Ucits Etf ETF A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.421 Buy Candidate Upgraded
Predicted Opening Price for Invesco Stoxx Europe 600 Optimised Construction & Materials Ucits Etf of Tuesday, June 25, 2024
| Fair opening price June 25, 2024 | Current price |
|---|---|
| 575.77€ ( 0.248%) | 577.20€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SC01.F
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 581.87 | 0.81% |
| R2 | 579.54 | 0.405% |
| R1 | 578.10 | 0.155% |
| Price | 577.20 | |
| S1 | 573.44 | -0.652% |
| S2 | 572.00 | -0.90% |
| S3 | 569.67 | -1.31% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 582.80 | 0.97% |
| R2 | 582.40 | 0.90% |
| R1 | 579.30 | 0.364% |
| Price | 577.20 | |
| S1 | 573.90 | -0.572% |
| S2 | 571.70 | -0.95% |
| S3 | 571.40 | -1.00% |
FAQ
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