ProShares UltraPro Short Russell2000 ETF Forecast

ProShares UltraPro Short Russell2000 ETF price ended at $32.91 on Thursday, after gaining 0.642%.
(Updated on Apr 18, 2024)

SRTY Signals & Forecast

Mostly positive signals in the chart today. The ProShares UltraPro Short Russell2000 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 $30.88 and $28.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 29.67%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The ETF had a Golden Star Signal on Thursday, February 01, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for ProShares UltraPro Short Russell2000 ETF

ProShares UltraPro Short Russell2000 finds support from accumulated volume at $32.73 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $1.75 between high and low, or 5.58%. For the last week, the ETF has had daily average volatility of 5.95%.

The ProShares UltraPro Short Russell2000 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 and the RSI is still moving upwards. 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: $31.80 (-3.36%) (This ETF has high daily movements and this gives high risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 14 days ago.)

Trading Expectations (SRTY) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect ProShares UltraPro Short Russell2000 to open at $32.51, and during the day (based on 14 day Average True Range), to move between $31.39 and $34.43, which gives a possible trading interval of +/-$1.52 (+/-4.63%) up or down from last closing price. If ProShares UltraPro Short Russell2000 takes out the full calculated possible swing range there will be an estimated 9.26% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $32.73 (0.55%) than the resistance at $33.16 (0.76%), 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 UltraPro Short Russell2000 ETF A Buy?

Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.

Current score: 4.300 Buy Candidate Unchanged

Predicted Opening Price for ProShares UltraPro Short Russell2000 of Friday, April 19, 2024

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