PROSHARES ULTRASHORT FINANCIALS ETF Forecast
Weaker technical forecast for PROSHARES ULTRASHORT FINANCIALS as ETF downgraded to Hold/Accumulate.
(Updated on Jun 18, 2024)
The PROSHARES ULTRASHORT FINANCIALS ETF price fell by -1.17% on the last day (Tuesday, 18th Jun 2024) from $12.78 to $12.63. During the last trading day the ETF fluctuated 1.24% from a day low at $12.62 to a day high of $12.78. The price has fallen in 5 of the last 10 days but is still up by 0.32% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -834 shares and in total, 22 thousand shares were bought and sold for approximately $279.40 thousand.
The ETF lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 2.07% during the next 3 months and, with a 90% probability hold a price between $12.16 and $13.82 at the end of this 3-month period.
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SKF Signals & Forecast
The PROSHARES ULTRASHORT FINANCIALS 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 $12.79. On a fall, the ETF will find some support from the long-term average at approximately $12.49. 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 Friday, June 14, 2024, and so far it has fallen -2.77%. Further fall is indicated until a new bottom pivot has been found. 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.
Support, Risk & Stop-loss for PROSHARES ULTRASHORT FINANCIALS ETF
PROSHARES ULTRASHORT FINANCIALS finds support from accumulated volume at $12.60 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 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 $0.157 between high and low, or 1.24%. For the last week the ETF has had daily average volatility of 1.90%.
Our recommended stop-loss: $12.11 (-4.16%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (SKF) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect PROSHARES ULTRASHORT FINANCIALS PROSHARES ULTRASHORT FINANCIALS to open at $12.68, and during the day (based on 14 day Average True Range), to move between $12.38 and $12.88, which gives a possible trading interval of +/-$0.250 (+/-1.98%) up or down from last closing price. If PROSHARES ULTRASHORT FINANCIALS PROSHARES ULTRASHORT FINANCIALS takes out the full calculated possible swing range there will be an estimated 3.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $12.60 (0.24%) than the resistance at $12.75 (0.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is PROSHARES ULTRASHORT FINANCIALS PROSHARES ULTRASHORT FINANCIALS ETF A Buy?
PROSHARES ULTRASHORT FINANCIALS holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.290 Hold/Accumulate Downgraded
Predicted Opening Price for PROSHARES ULTRASHORT FINANCIALS PROSHARES ULTRASHORT FINANCIALS of Thursday, June 20, 2024
Fair opening price June 20, 2024 | Current price |
---|---|
$12.68 ( 0.377%) | $12.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SKF
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 12.83 | 1.62% |
R2 | 12.77 | 1.15% |
R1 | 12.74 | 0.85% |
Price | 12.63 | |
S1 | 12.62 | -0.0974% |
S2 | 12.58 | -0.391% |
S3 | 12.52 | -0.87% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 13.09 | 3.64% |
R2 | 12.99 | 2.85% |
R1 | 12.75 | 0.95% |
Price | 12.63 | |
S1 | 12.60 | -0.238% |
S2 | 12.49 | -1.11% |
S3 | 12.37 | -2.06% |
SKF Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.135 | 1.13% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.178 | 1.17% |
3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.155 | 0.82% |
4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.172 | 0.89% |
5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0730 | 0.354% |
FAQ
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