Wisdomtree Copper 1x Daily Short ETF Forecast
Wisdomtree Copper 1x Daily Short ETF price ended at $15.77 on Tuesday, after gaining 1.04%.
(Updated on Jun 25, 2024)
The Wisdomtree Copper 1x Daily Short ETF price gained 1.04% on the last trading day (Tuesday, 25th Jun 2024), rising from $15.61 to $15.77. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.462% from a day low at $15.70 to a day high of $15.77. The price has risen in 6 of the last 10 days and is up by 3.09% over the past 2 weeks. Volume fell on the last day by -5 thousand shares and in total, 28 shares were bought and sold for approximately $441.63 . You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the ETF is expected to fall -9.87% during the next 3 months and, with a 90% probability hold a price between $11.62 and $14.22 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SCOP.L Signals & Forecast
The Wisdomtree Copper 1x Daily Short 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 $15.46 and $14.90. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 21, 2024, and so far it has risen 16.49%. Further rise is indicated until a new top pivot has been found. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Wisdomtree Copper 1x Daily Short ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $14.33 and $14.15. 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, Wisdomtree Copper 1x Daily Short finds support just below today's level at $14.33. If this is broken, then the next support from accumulated volume will be at $14.15 and $13.83.
In general the ETF tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the ETF. During the last day, the ETF moved $0.0725 between high and low, or 0.462%. For the last week the ETF has had daily average volatility of 0.377%.
Our recommended stop-loss: $15.28 (-3.12%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations (SCOP.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Wisdomtree Copper 1x Daily Short to open at $15.75, and during the day (based on 14 day Average True Range), to move between $15.56 and $15.99, which gives a possible trading interval of +/-$0.215 (+/-1.36%) up or down from last closing price. If Wisdomtree Copper 1x Daily Short takes out the full calculated possible swing range there will be an estimated 2.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $16.09 (2.01%) than the support at $14.33 (9.15%), 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 Wisdomtree Copper 1x Daily Short ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.
Current score: 1.758 Buy Candidate Unchanged
Predicted Opening Price for Wisdomtree Copper 1x Daily Short of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $15.75 ( 0.153%) | $15.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SCOP.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 15.82 | 0.306% |
| R2 | 15.79 | 0.131% |
| R1 | 15.78 | 0.0224% |
| Price | 15.77 | |
| S1 | 15.72 | -0.329% |
| S2 | 15.70 | -0.437% |
| S3 | 15.68 | -0.613% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17.31 | 9.75% |
| R2 | 16.24 | 2.96% |
| R1 | 16.09 | 2.01% |
| Price | 15.77 | |
| S1 | 14.33 | -9.15% |
| S2 | 14.15 | -10.29% |
| S3 | 13.83 | -12.32% |
FAQ
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