ProShares UltraShort Basic Materials ETF Forecast
Weaker technical forecast for ProShares UltraShort Basic Materials as ETF downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The ProShares UltraShort Basic Materials ETF price fell by -2.15% on the last day (Friday, 3rd May 2024) from $7.68 to $7.51. During the last trading day the ETF fluctuated 1.20% from a day low at $7.50 to a day high of $7.59. The price has been going up and down for this period, and there has been a -1.31% loss for the last 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 -2 thousand shares and in total, 6 thousand shares were bought and sold for approximately $47.23 thousand.
The ETF lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -14.48% during the next 3 months and, with a 90% probability hold a price between $5.47 and $6.69 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SMN Signals & Forecast
The ProShares UltraShort Basic Materials 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 $7.56. On a fall, the ETF will find some support from the long-term average at approximately $7.32. 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. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 8.29%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for ProShares UltraShort Basic Materials ETF
ProShares UltraShort Basic Materials finds support from accumulated volume at $7.50 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 $0.0899 between high and low, or 1.20%. For the last week the ETF has had daily average volatility of 1.30%.
Our recommended stop-loss: $7.12 (-5.17%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (SMN) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect ProShares UltraShort Basic Materials to open at $7.53, and during the day (based on 14 day Average True Range), to move between $7.35 and $7.67, which gives a possible trading interval of +/-$0.158 (+/-2.11%) up or down from last closing price. If ProShares UltraShort Basic Materials takes out the full calculated possible swing range there will be an estimated 4.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.50 (0.20%) than the resistance at $7.61 (1.33%), 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 UltraShort Basic Materials ETF A Buy?
ProShares UltraShort Basic Materials 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. 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: -0.069 Hold/Accumulate Downgraded
Predicted Opening Price for ProShares UltraShort Basic Materials of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$7.53 ( 0.310%) | $7.51 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SMN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 7.62 | 1.51 % | |
R2 | 7.59 | 1.05 % | ||
R1 | 7.57 | 0.768 % | ||
Current price: | 7.51 | |||
Support | S1 | 7.50 | -0.147 % | |
S2 | 7.48 | -0.430 % | ||
S3 | 7.44 | -0.89 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.88 | 18.24 % | |
R2 | 8.71 | 15.98 % | ||
R1 | 7.61 | 1.33 % | ||
Current price | 7.51 | |||
Support | S1 | 7.50 | -0.197% | |
S2 | 7.42 | -1.16% | ||
S3 | 7.13 | -5.06% |
SMN Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.0793 | 1.13% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.134 | 1.60% |
3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.0950 | 0.95% |
4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0830 | 0.89% |
5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0600 | 0.604% |
FAQ
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