ProShares Russell 2000 Dividend Growers ETF Forecast

ProShares Russell 2000 Dividend Growers ETF price up 0.584% on Wednesday
(Updated on May 08, 2024)

SMDV Signals & Forecast

Mostly positive signals in the chart today. The ProShares Russell 2000 Dividend Growers ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $62.55 and $61.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 7.52%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The ETF had a Golden Star Signal on Friday, March 01, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for ProShares Russell 2000 Dividend Growers ETF

ProShares Russell 2000 Dividend Growers finds support from accumulated volume at $62.20 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 very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.85 between high and low, or 1.35%. For the last week the ETF has had daily average volatility of 1.01%.

The ProShares Russell 2000 Dividend Growers ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs. Since the ProShares Russell 2000 Dividend Growers has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $60.79 (-4.67%) (This ETF has low daily movements and this gives low risk. The RSI14 is 79 and this increases the risk substantially. There is a buy signal from a pivot bottom found 15 days ago.)

Trading Expectations (SMDV) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect ProShares Russell 2000 Dividend Growers ETF to open at $63.51, and during the day (based on 14 day Average True Range), to move between $62.89 and $64.65, which gives a possible trading interval of +/-$0.88 (+/-1.39%) up or down from last closing price. If ProShares Russell 2000 Dividend Growers ETF takes out the full calculated possible swing range there will be an estimated 2.77% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $64.02 (0.38%) than the support at $62.20 (2.46%), 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 Russell 2000 Dividend Growers ETF ETF A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for ProShares Russell 2000 Dividend Growers ETF to perform well in the short-term period.

Current score: 2.490 Buy Candidate Unchanged

Predicted Opening Price for ProShares Russell 2000 Dividend Growers ETF of Thursday, May 9, 2024

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