ProShares UltraShort SmallCap600 ETF Forecast

Evaluation of ProShares UltraShort SmallCap600 ETF downgraded after the last trading session.
(Updated on May 02, 2024)

SDD Signals & Forecast

The ProShares UltraShort SmallCap600 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 $19.41. On a fall, the ETF will find some support from the long-term average at approximately $19.14. 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. 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 Thursday, April 18, 2024, and so far it has fallen -6.67%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for ProShares UltraShort SmallCap600 ETF

ProShares UltraShort SmallCap600 finds support from accumulated volume at $19.02 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0.0340 between high and low, or 0.176%. For the last week the ETF has had daily average volatility of 1.27%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SDD) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect ProShares UltraShort SmallCap600 to open at $19.32, and during the day (based on 14 day Average True Range), to move between $18.86 and $19.76, which gives a possible trading interval of +/-$0.448 (+/-2.32%) up or down from last closing price. If ProShares UltraShort SmallCap600 takes out the full calculated possible swing range there will be an estimated 4.65% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $19.50 (0.98%) than the support at $19.02 (1.52%), 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 ProShares UltraShort SmallCap600 ETF A Buy?

ProShares UltraShort SmallCap600 holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.003 Sell Candidate Downgraded

Predicted Opening Price for ProShares UltraShort SmallCap600 of Friday, May 3, 2024

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