Spear Alpha ETF Forecast

Weaker technical forecast for Spear Alpha as ETF downgraded to Sell Candidate.
(Updated on May 17, 2024)

SPRX Signals & Forecast

The Spear Alpha 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 $22.72 and $22.44. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Wednesday, May 15, 2024, and so far it has fallen -0.259%. Further fall is indicated until a new bottom pivot has been found. Spear Alpha 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 Spear Alpha ETF

Spear Alpha finds support from accumulated volume at $22.99 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.305 (1.33%) between high and low. For the last week, the ETF has had daily average volatility of 1.18%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SPRX) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Spear Alpha ETF to open at $23.11, and during the day (based on 14 day Average True Range), to move between $22.65 and $23.55, which gives a possible trading interval of +/-$0.445 (+/-1.93%) up or down from last closing price. If Spear Alpha ETF takes out the full calculated possible swing range there will be an estimated 3.86% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $22.99 (0.48%) than the resistance at $23.81 (3.07%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Spear Alpha ETF ETF A Buy?

Spear Alpha holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.218 Sell Candidate Downgraded

Predicted Opening Price for Spear Alpha ETF of Monday, May 20, 2024

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