ProShares UltraShort Real Estate ETF Forecast

Red day on Friday for ProShares UltraShort Real Estate ETF after losing 0.674%
(Updated on Apr 19, 2024)

SRS Signals & Forecast

The ProShares UltraShort Real Estate 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 $17.18 and $15.47. 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, April 17, 2024, and so far it has fallen -0.730%. Further fall is indicated until a new bottom pivot has been found. 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.

Support, Risk & Stop-loss for ProShares UltraShort Real Estate ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $16.33 and $16.09. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, ProShares UltraShort Real Estate finds support just below today's level at $16.33. If this is broken, then the next support from accumulated volume will be at $16.09 and $15.33.

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 $0.270 between high and low, or 1.54%. For the last week the ETF has had daily average volatility of 2.86%.

The ProShares UltraShort Real Estate 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.

Our recommended stop-loss: $17.03 (-3.70%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (SRS) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect ProShares UltraShort Real Estate to open at $17.66, and during the day (based on 14 day Average True Range), to move between $17.20 and $18.16, which gives a possible trading interval of +/-$0.479 (+/-2.71%) up or down from last closing price. If ProShares UltraShort Real Estate takes out the full calculated possible swing range there will be an estimated 5.42% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $17.80 (0.68%) than the support at $16.33 (7.64%), 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 UltraShort Real Estate ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ProShares UltraShort Real Estate ETF to perform well in the short-term.

Current score: 2.451 Buy Candidate Unchanged

Predicted Opening Price for ProShares UltraShort Real Estate of Monday, April 22, 2024

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