Leverage Shares -3x Short Us 500 Etc ETF Forecast
Leverage Shares -3x Short Us 500 Etc ETF upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 28, 2024)
The Leverage Shares -3x Short Us 500 Etc ETF price fell by -1.59% on the last day (Friday, 28th Jun 2024) from £2.03 to £2.00. During the last trading day the ETF fluctuated 0.655% from a day low at £1.99 to a day high of £2.00. The price has fallen in 6 of the last 10 days and is down by -3.54% for this period. Volume has increased on the last day by 22 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 22 shares were bought and sold for approximately £43.98 .
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 -18.89% during the next 3 months and, with a 90% probability hold a price between £1.50 and £1.84 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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SPYS.L Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, June 19, 2024, and so far it has risen 4.95%. 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. The Leverage Shares -3x Short Us 500 Etc 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 £2.02 and £2.16. 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). Leverage Shares -3x Short Us 500 Etc 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". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Leverage Shares -3x Short Us 500 Etc ETF
Leverage Shares -3x Short Us 500 Etc finds support from accumulated volume at £1.99 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 £0.0130 between high and low, or 0.655%. For the last week, the ETF has had daily average volatility of 1.97%.
Our recommended stop-loss: £1.93 (-3.30%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 46 days ago.)
Trading Expectations (SPYS.L) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Leverage Shares -3x Short Us 500 Etc to open at £1.99, and during the day (based on 14 day Average True Range), to move between £1.94 and £2.06, which gives a possible trading interval of +/-£0.0583 (+/-2.92%) up or down from last closing price. If Leverage Shares -3x Short Us 500 Etc takes out the full calculated possible swing range there will be an estimated 5.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at £1.99 (0.40%) than the resistance at £2.20 (10.05%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Leverage Shares -3x Short Us 500 Etc ETF A Buy?
Leverage Shares -3x Short Us 500 Etc 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: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Leverage Shares -3x Short Us 500 Etc of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| £1.99 ( 0.217%) | £2.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPYS.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.01 | 0.434% |
| R2 | 2.00 | 0.185% |
| R1 | 2.00 | 0.0316% |
| Price | 2.00 | |
| S1 | 1.99 | -0.465% |
| S2 | 1.99 | -0.619% |
| S3 | 1.98 | -0.87% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 2.27 | 13.31% |
| R2 | 2.26 | 13.05% |
| R1 | 2.20 | 10.05% |
| Price | 2.00 | |
| S1 | 1.99 | -0.395% |
| S2 | 1.90 | -4.71% |
| S3 | 0 | - |
FAQ
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