Invesco Stoxx Europe 600 Optimised ETF Forecast
Weaker technical forecast for Invesco Stoxx Europe 600 Optimised as ETF downgraded to Buy Candidate.
(Updated on Jun 26, 2024)
The Invesco Stoxx Europe 600 Optimised ETF price fell by -0.418% on the last day (Wednesday, 26th Jun 2024) from 406.25€ to 404.55€. During the last trading day the ETF fluctuated 1.17% from a day low at 404.55€ to a day high of 409.30€. The price has risen in 6 of the last 10 days and is up by 0.37% over the past 2 weeks. Volume has increased on the last day by 37 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, 43 shares were bought and sold for approximately 17.40€ thousand.
The ETF lies in the upper part of a narrow and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at 406.86€ will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 8.43% during the next 3 months and, with a 90% probability hold a price between 428.43€ and 441.15€ at the end of this 3-month period.
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SC0T.F Signals & Forecast
There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Tuesday, June 25, 2024, and so far it has fallen -0.418%. 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". The very low volume increases the risk and reduces the other technical signals issued. The Invesco Stoxx Europe 600 Optimised 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 402.71€ and 399.31€. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Invesco Stoxx Europe 600 Optimised ETF
Invesco Stoxx Europe 600 Optimised finds support from accumulated volume at 402.90€ 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 4.75€ between high and low, or 1.17%. For the last week the ETF has had daily average volatility of 0.553%.
Our recommended stop-loss: 392.49€ (-2.98%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 20 days ago.)
Trading Expectations (SC0T.F) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Invesco Stoxx Europe 600 Optimised Health Care Ucits Etf to open at 406.13€, and during the day (based on 14 day Average True Range), to move between 401.68€ and 407.42€, which gives a possible trading interval of +/-2.87€ (+/-0.71%) up or down from last closing price. If Invesco Stoxx Europe 600 Optimised Health Care Ucits Etf takes out the full calculated possible swing range there will be an estimated 1.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 405.25€ (0.17%) than the support at 402.90€ (0.41%), 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 Health Care Ucits 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 Invesco Stoxx Europe 600 Optimised ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.277 Buy Candidate Downgraded
Predicted Opening Price for Invesco Stoxx Europe 600 Optimised Health Care Ucits Etf of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| 406.13€ ( 0.391%) | 404.55€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SC0T.F
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 410.88 | 1.57% |
| R2 | 409.07 | 1.12% |
| R1 | 407.95 | 0.84% |
| Price | 404.55 | |
| S1 | 404.32 | -0.0571% |
| S2 | 403.20 | -0.334% |
| S3 | 401.38 | -0.783% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 406.25 | 0.420% |
| R2 | 405.45 | 0.222% |
| R1 | 405.25 | 0.173% |
| Price | 404.55 | |
| S1 | 402.90 | -0.408% |
| S2 | 383.90 | -5.10% |
| S3 | 372.75 | -7.86% |
FAQ
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