Wisdomtree Wti Crude Oil 1x Daily Short ETF Forecast
Wisdomtree Wti Crude Oil 1x Daily Short ETF upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jun 25, 2024)
The Wisdomtree Wti Crude Oil 1x Daily Short ETF price gained 0.240% on the last trading day (Tuesday, 25th Jun 2024), rising from $16.68 to $16.72. During the last trading day the ETF fluctuated 0.480% from a day low at $16.65 to a day high of $16.73. The price has fallen in 8 of the last 10 days and is down by -4.44% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 21 thousand more shares were traded than the day before. In total, 80 thousand shares were bought and sold for approximately $1.34 million.
The ETF lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $16.70 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 6.60% during the next 3 months and, with a 90% probability hold a price between $17.80 and $20.10 at the end of this 3-month period.
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SOIL.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 0.240%. Further rise is indicated until a new top pivot has been found. Wisdomtree Wti Crude Oil 1x Daily Short 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. The Wisdomtree Wti Crude Oil 1x Daily Short ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $16.83 and $17.41. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Wisdomtree Wti Crude Oil 1x Daily Short ETF
Wisdomtree Wti Crude Oil 1x Daily Short finds support from accumulated volume at $16.68 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 $0.0800 between high and low, or 0.480%. For the last week, the ETF has had daily average volatility of 0.718%.
Wisdomtree Wti Crude Oil 1x Daily Short is oversold on RSI14 (11). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: $15.59 (-6.75%) (This ETF has medium daily movements and this gives medium risk. Low RSI14 is 11 which reduces the risk some. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (SOIL.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Wisdomtree Wti Crude Oil 1x Daily Short to open at $16.70, and during the day (based on 14 day Average True Range), to move between $16.49 and $16.95, which gives a possible trading interval of +/-$0.230 (+/-1.38%) up or down from last closing price. If Wisdomtree Wti Crude Oil 1x Daily Short takes out the full calculated possible swing range there will be an estimated 2.76% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $16.68 (0.24%) than the resistance at $16.78 (0.36%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wisdomtree Wti Crude Oil 1x Daily Short ETF A Buy?
Wisdomtree Wti Crude Oil 1x Daily Short 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: -0.537 Hold/Accumulate Upgraded
Predicted Opening Price for Wisdomtree Wti Crude Oil 1x Daily Short of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $16.70 ( 0.120%) | $16.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOIL.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 16.78 | 0.359% |
| R2 | 16.75 | 0.176% |
| R1 | 16.73 | 0.0632% |
| Price | 16.72 | |
| S1 | 16.67 | -0.302% |
| S2 | 16.65 | -0.415% |
| S3 | 16.62 | -0.598% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17.38 | 3.95% |
| R2 | 17.25 | 3.14% |
| R1 | 16.78 | 0.359% |
| Price | 16.72 | |
| S1 | 16.68 | -0.239% |
| S2 | 16.41 | -1.85% |
| S3 | 16.34 | -2.27% |
FAQ
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