ProShares UltraPro Short MidCap400 ETF Forecast

ProShares UltraPro Short MidCap400 ETF upgraded to Hold/Accumulate.
(Updated on May 03, 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 $11.85. On a fall, the ETF will find some support from the long-term average at approximately $11.37. 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 Thursday, April 18, 2024, and so far it has fallen -9.78%. 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 UltraPro Short MidCap400 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".

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 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 $0.327 between high and low, or 2.94%. For the last week, the ETF has had daily average volatility of 2.96%.

Our recommended stop-loss: $10.88 (-4.94%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 11 days ago.)

Trading Expectations (SMDD) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect ProShares UltraPro Short MidCap400 to open at $11.34, and during the day (based on 14 day Average True Range), to move between $11.02 and $11.88, which gives a possible trading interval of +/-$0.432 (+/-3.77%) 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 7.54% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $11.40 (0.42%) than the resistance at $11.75 (2.63%), 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 UltraPro Short MidCap400 ETF A Buy?

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

Current score: -0.798 Hold/Accumulate Upgraded

Predicted Opening Price for ProShares UltraPro Short MidCap400 of Monday, May 6, 2024

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