ProShares UltraPro Short Dow30 ETF Forecast
ProShares UltraPro Short Dow30 ETF price ended at $18.20 on Friday, after losing 1.62%.
(Updated on Apr 19, 2024)
The ProShares UltraPro Short Dow30 ETF price fell by -1.62% on the last day (Friday, 19th Apr 2024) from $18.50 to $18.20. During the last trading day the ETF fluctuated 2.52% from a day low at $18.01 to a day high of $18.46. The price has risen in 6 of the last 10 days and is up by 7.82% over the past 2 weeks. Volume has increased on the last day by 311 thousand 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, 16 million shares were bought and sold for approximately $293.04 million.
The ETF lies the upper part of a wide and falling 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 $18.50 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -2.53% during the next 3 months and, with a 90% probability hold a price between $15.16 and $18.03 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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SDOW Signals & Forecast
The ProShares UltraPro Short Dow30 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 $18.26. On a fall, the ETF will find some support from the long-term average at approximately $17.03. 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. 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. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -1.78%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for ProShares UltraPro Short Dow30 ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $17.29 and $16.87. 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, ProShares UltraPro Short Dow30 finds support just below today's level at $17.29. If this is broken, then the next support from accumulated volume will be at $16.87 and $16.77.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.454 between high and low, or 2.52%. For the last week, the ETF has had daily average volatility of 3.49%.
The ProShares UltraPro Short Dow30 ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: $17.66 (-2.99%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 79 and this increases the risk substantially. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (SDOW) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect ProShares UltraPro Short Dow30 to open at $18.22, and during the day (based on 14 day Average True Range), to move between $17.66 and $18.74, which gives a possible trading interval of +/-$0.541 (+/-2.97%) up or down from last closing price. If ProShares UltraPro Short Dow30 takes out the full calculated possible swing range there will be an estimated 5.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $18.45 (1.37%) than the support at $17.29 (5.00%), 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 UltraPro Short Dow30 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: 1.144 Buy Candidate Unchanged
Predicted Opening Price for ProShares UltraPro Short Dow30 of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $18.22 ( 0.135%) | $18.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SDOW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.68 | 2.63 % | |
| R2 | 18.50 | 1.68 % | ||
| R1 | 18.40 | 1.09 % | ||
| Current price: | 18.20 | |||
| Support | S1 | 18.05 | -0.82 % | |
| S2 | 17.94 | -1.41 % | ||
| S3 | 17.77 | -2.36 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.53 | 1.81 % | |
| R2 | 18.51 | 1.70 % | ||
| R1 | 18.45 | 1.37 % | ||
| Current price | 18.20 | |||
| Support | S1 | 17.29 | -5.00% | |
| S2 | 16.87 | -7.31% | ||
| S3 | 16.77 | -7.86% |
SDOW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.252 | 1.60% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.253 | 1.32% |
| 3 | Jan 23, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.259 | 1.00% |
| 4 | Jan 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.258 | 1.03% |
| 5 | Jan 23, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.220 | 0.795% |
FAQ
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