Tuttle Capital Daily 2x Inverse Regional ETF Forecast
Tuttle Capital Daily 2x Inverse Regional ETF downgraded from Buy Candidate to Sell Candidate after Monday trading session.
(Updated on Jun 17, 2024)
The Tuttle Capital Daily 2x Inverse Regional ETF price fell by -3.47% on the last day (Monday, 17th Jun 2024) from $28.27 to $27.29. During the last trading day the ETF fluctuated 6.68% from a day low at $27.24 to a day high of $29.06. The price has risen in 6 of the last 10 days and is up by 4.32% 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 -18 thousand shares and in total, 27 thousand shares were bought and sold for approximately $724.39 thousand.
The ETFis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $28.27 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Tuttle Capital Daily 2x Inverse Regional ETF with a 90% probability to be traded between $22.87 and $28.08 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SKRE Signals & Forecast
The Tuttle Capital Daily 2x Inverse Regional 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 $27.55. On a fall, the ETF will find some support from the long-term average at approximately $25.47. 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 -3.47%. 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 Tuttle Capital Daily 2x Inverse Regional ETF
Tuttle Capital Daily 2x Inverse Regional finds support from accumulated volume at $27.10 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 $1.82 between high and low, or 6.68%. For the last week the ETF has had daily average volatility of 4.23%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SKRE) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Tuttle Capital Daily 2x Inverse Regional Banks Etf to open at $27.86, and during the day (based on 14 day Average True Range), to move between $26.21 and $28.37, which gives a possible trading interval of +/-$1.08 (+/-3.94%) up or down from last closing price. If Tuttle Capital Daily 2x Inverse Regional Banks Etf takes out the full calculated possible swing range there will be an estimated 7.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $27.39 (0.37%) than the support at $27.10 (0.70%), 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 Tuttle Capital Daily 2x Inverse Regional Banks Etf ETF A Buy?
Tuttle Capital Daily 2x Inverse Regional 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 Buy to a Sell candidate.
Current score: -1.323 Sell Candidate Downgraded
Predicted Opening Price for Tuttle Capital Daily 2x Inverse Regional Banks Etf of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $27.86 ( 2.10%) | $27.29 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SKRE
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 29.68 | 8.77% |
| R2 | 28.99 | 6.22% |
| R1 | 28.56 | 4.65% |
| Price | 27.29 | |
| S1 | 27.17 | -0.447% |
| S2 | 26.74 | -2.02% |
| S3 | 26.04 | -4.57% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 27.57 | 1.03% |
| R2 | 27.40 | 0.403% |
| R1 | 27.39 | 0.366% |
| Price | 27.29 | |
| S1 | 27.10 | -0.696% |
| S2 | 25.87 | -5.20% |
| S3 | 23.98 | -12.13% |
FAQ
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