Invesco Stoxx Europe 600 Optimised ETF Forecast
Invesco Stoxx Europe 600 Optimised ETF price ended at 567.00€ on Friday, after losing 0.439%.
(Updated on Jun 28, 2024)
The Invesco Stoxx Europe 600 Optimised ETF price fell by -0.439% on the last day (Friday, 28th Jun 2024) from 569.50€ to 567.00€. It has now fallen 4 days in a row. During the last trading day the ETF fluctuated 0.725% from a day low at 565.90€ to a day high of 570.00€. The price has fallen in 7 of the last 10 days and is down by -0.77% for this period. Volume has increased on the last day by 830 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, 833 shares were bought and sold for approximately 472.31€ thousand.
Given the current horizontal trend, you can expect Invesco Stoxx Europe 600 Optimised ETF with a 90% probability to be traded between 572.82€ and 623.87€ 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
There are few to no technical positive signals at the moment. 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 573.36€ and 593.21€. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -7.70%. 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 Stoxx Europe 600 Optimised 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 Stoxx Europe 600 Optimised ETF
Invesco Stoxx Europe 600 Optimised finds support from accumulated volume at 566.20€ 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 4.10€ (0.725%) between high and low. For the last week, the ETF has had daily average volatility of 0.93%.
Our recommended stop-loss: 536.72€ (-5.34%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 45 days ago.)
Trading Expectations (SC01.F) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Invesco Stoxx Europe 600 Optimised Construction & Materials Ucits Etf to open at 567.63€, and during the day (based on 14 day Average True Range), to move between 560.53€ and 573.47€, which gives a possible trading interval of +/-6.47€ (+/-1.14%) 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 2.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 566.20€ (0.14%) than the resistance at 579.30€ (2.17%), 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 Stoxx Europe 600 Optimised Construction & Materials Ucits Etf ETF A Buy?
Invesco Stoxx Europe 600 Optimised holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.065 Hold/Accumulate Unchanged
Predicted Opening Price for Invesco Stoxx Europe 600 Optimised Construction & Materials Ucits Etf of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| 567.63€ ( 0.112%) | 567.00€ |
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 | 571.73 | 0.83% |
| R2 | 570.17 | 0.559% |
| R1 | 569.20 | 0.388% |
| Price | 567.00 | |
| S1 | 566.07 | -0.165% |
| S2 | 565.10 | -0.335% |
| S3 | 563.53 | -0.611% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 582.80 | 2.79% |
| R2 | 582.40 | 2.72% |
| R1 | 579.30 | 2.17% |
| Price | 567.00 | |
| S1 | 566.20 | -0.141% |
| S2 | 565.90 | -0.194% |
| S3 | 563.20 | -0.670% |
FAQ
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