ProShares UltraPro Short MidCap400 ETF Forecast

Stronger technical forecast for ProShares UltraPro Short MidCap400 ETF price after Thursday trading.
(Updated on Apr 25, 2024)

SMDD Signals & Forecast

The ProShares UltraPro Short MidCap400 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 $12.21. On a fall, the ETF will find some support from the long-term average at approximately $11.27. 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). ProShares UltraPro Short MidCap400 has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 Thursday, April 18, 2024, and so far it has fallen -6.30%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for ProShares UltraPro Short MidCap400 ETF

ProShares UltraPro Short MidCap400 finds support from accumulated volume at $11.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.310 between high and low, or 2.61%. For the last week, the ETF has had daily average volatility of 2.79%.

Our recommended stop-loss: $11.23 (-5.59%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 5 days ago.)

Trading Expectations (SMDD) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect ProShares UltraPro Short MidCap400 to open at $11.99, and during the day (based on 14 day Average True Range), to move between $11.49 and $12.29, which gives a possible trading interval of +/-$0.405 (+/-3.41%) up or down from last closing price. If ProShares UltraPro Short MidCap400 takes out the full calculated possible swing range there will be an estimated 6.81% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $12.09 (1.71%) than the support at $11.40 (4.12%), 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 MidCap400 ETF A Buy?

ProShares UltraPro Short MidCap400 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.441 Hold/Accumulate Upgraded

Predicted Opening Price for ProShares UltraPro Short MidCap400 of Friday, April 26, 2024

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