ProShares Ultra Cloud Computing ETF Forecast

$25.08
-0.100 (-0.397%)
At Close: Mar 27, 2024
RSI low/high Values: [ 25 - 80 ]
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
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Weaker technical forecast for ProShares Ultra Cloud Computing as ETF downgraded to Hold/Accumulate.
(Updated on Mar 27, 2024)

Buy or Hold candidate since Mar 18, 2024 Gain 1.58% PDF

The ProShares Ultra Cloud Computing ETF price fell by -0.397% on the last day (Wednesday, 27th Mar 2024) from $25.18 to $25.08. It has now fallen 5 days in a row. During the last trading day the ETF fluctuated 1.25% from a day low at $24.77 to a day high of $25.08. The price has fallen in 7 of the last 10 days and is down by -0.28% for this period. Volume has increased on the last day by 598 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, 2 thousand shares were bought and sold for approximately $48.40 thousand.

The ETF lies in the middle of a wide and strong 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 20.88% during the next 3 months and, with a 90% probability hold a price between $29.15 and $34.84 at the end of this 3-month period.

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SKYU Signals & Forecast

The ProShares Ultra Cloud Computing 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 $25.27. On a fall, the ETF will find some support from the long-term average at approximately $24.73. 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 Friday, February 09, 2024, and so far it has fallen -4.31%. 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). ProShares Ultra Cloud Computing 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". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for ProShares Ultra Cloud Computing ETF

ProShares Ultra Cloud Computing finds support from accumulated volume at $24.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.310 (1.25%) between high and low. For the last week, the ETF has had daily average volatility of 1.23%.

Our recommended stop-loss: $24.04 (-4.15%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 32 days ago.)

Trading Expectations (SKYU) For The Upcoming Trading Day Of Thursday 28th

For the upcoming trading day on Thursday, 28th we expect ProShares Ultra Cloud Computing to open at $24.98, and during the day (based on 14 day Average True Range), to move between $24.41 and $25.75, which gives a possible trading interval of +/-$0.671 (+/-2.68%) up or down from last closing price. If ProShares Ultra Cloud Computing takes out the full calculated possible swing range there will be an estimated 5.35% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $25.19 (0.44%) than the support at $24.30 (3.11%), 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 Ultra Cloud Computing ETF A Buy?

ProShares Ultra Cloud Computing holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: 0.054 Hold/Accumulate Downgraded

Predicted Opening Price for ProShares Ultra Cloud Computing of Thursday, March 28, 2024

Fair opening price March 28, 2024 Current price
$24.98 ( 0.412%) $25.08

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

Trading levels for SKYU

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 25.29 0.82 %
R2 25.17 0.352 %
R1 25.10 0.0602 %
Current price: 25.08
Support S1 24.86 -0.88 %
S2 24.79 -1.18 %
S3 24.67 -1.65 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 26.19 4.43 %
R2 25.72 2.56 %
R1 25.19 0.439 %
Current price 25.08
Support S1 24.30 -3.11%
S2 24.06 -4.08%
S3 23.49 -6.34%

FAQ

What is the symbol for ProShares Ultra Cloud Computing ETF and on which exchange is it traded?
The symbol for ProShares Ultra Cloud Computing is SKYU and it is traded on the NASDAQ (NASDAQ Stock Exchange).

Should I buy or sell ProShares Ultra Cloud Computing ETF?
ProShares Ultra Cloud Computing holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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.

How to buy ProShares Ultra Cloud Computing ETF?
ProShares Ultra Cloud Computing ETF can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy ProShares Ultra Cloud Computing ETF.

What's the current price of ProShares Ultra Cloud Computing ETF?
As of the end of day on the 2024-03-27, the price of an ProShares Ultra Cloud Computing (SKYU) share was $25.08.

What is the 52-week high and low for ProShares Ultra Cloud Computing ETF?
The 52-week high for ProShares Ultra Cloud Computing ETF is $26.38 and the 52-week low is $11.39.

What is the market capitalization of ProShares Ultra Cloud Computing ETF?
As of the 2024-03-27, the market capitalization of ProShares Ultra Cloud Computing is 3.594M.
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