MicroSectors Gold 3X Leveraged ETN ETF Forecast

MicroSectors Gold 3X Leveraged ETN ETF price down 0.82% on Thursday
(Updated on May 02, 2024)

SHNY Signals & Forecast

A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -11.35%. 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). MicroSectors Gold 3X Leveraged ETN 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". Some positive signals were issued as well, and these may have some influence on the near short-term development. The MicroSectors Gold 3X Leveraged ETN 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 $35.61. On a fall, the ETF will find some support from the long-term average at approximately $34.67. 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.

Support, Risk & Stop-loss for MicroSectors Gold 3X Leveraged ETN ETF

MicroSectors Gold 3X Leveraged ETN finds support from accumulated volume at $34.75 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 and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.95 between high and low, or 2.78%. For the last week, the ETF has had daily average volatility of 2.18%.

Our recommended stop-loss: $33.17 (-4.81%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 13 days ago.)

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

For the upcoming trading day on Friday, 3rd we expect MicroSectors Gold 3X Leveraged ETN to open at $34.61, and during the day (based on 14 day Average True Range), to move between $33.59 and $36.11, which gives a possible trading interval of +/-$1.26 (+/-3.60%) up or down from last closing price. If MicroSectors Gold 3X Leveraged ETN takes out the full calculated possible swing range there will be an estimated 7.21% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $34.75 (0.29%) than the resistance at $37.32 (7.09%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is MicroSectors Gold 3X Leveraged ETN ETF A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.

Current score: 1.584 Buy Candidate Unchanged

Predicted Opening Price for MicroSectors Gold 3X Leveraged ETN of Friday, May 3, 2024

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