Invesco Solar ETF Forecast
Invesco Solar ETF upgraded to Sell Candidate.
(Updated on Jun 21, 2024)
The Invesco Solar ETF price fell by -1.23% on the last day (Friday, 21st Jun 2024) from $43.77 to $43.23. During the last trading day the ETF fluctuated 2.20% from a day low at $42.80 to a day high of $43.74. The price has fallen in 6 of the last 10 days and is down by -9.01% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -523 thousand shares and in total, 988 thousand shares were bought and sold for approximately $42.72 million.
The ETF lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $42.84 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 10.30% during the next 3 months and, with a 90% probability hold a price between $47.25 and $55.30 at the end of this 3-month period.
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TAN Signals & Forecast
There are few to no technical positive signals at the moment. The Invesco Solar ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $45.46 and $45.22. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 30, 2024, and so far it has fallen -11.78%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Invesco Solar ETF
Invesco Solar finds support from accumulated volume at $42.91 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 $0.94 between high and low, or 2.20%. For the last week, the ETF has had daily average volatility of 2.59%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TAN) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Invesco Solar ETF to open at $43.26, and during the day (based on 14 day Average True Range), to move between $41.68 and $44.78, which gives a possible trading interval of +/-$1.55 (+/-3.58%) up or down from last closing price. If Invesco Solar ETF takes out the full calculated possible swing range there will be an estimated 7.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $42.91 (0.74%) than the resistance at $43.77 (1.25%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Invesco Solar ETF ETF A Buy?
The Invesco Solar ETF holds several negative signals and despite the positive trend, we believe Invesco Solar will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.058 Sell Candidate Upgraded
Predicted Opening Price for Invesco Solar ETF of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| $43.26 ( 0.0616%) | $43.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TAN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 44.20 | 2.24% |
| R2 | 43.84 | 1.41% |
| R1 | 43.62 | 0.89% |
| Price | 43.23 | |
| S1 | 42.90 | -0.769% |
| S2 | 42.68 | -1.28% |
| S3 | 42.32 | -2.11% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 47.62 | 10.15% |
| R2 | 46.76 | 8.17% |
| R1 | 43.77 | 1.25% |
| Price | 43.23 | |
| S1 | 42.91 | -0.740% |
| S2 | 40.10 | -7.24% |
| S3 | 39.70 | -8.17% |
TAN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 18, 2023 | Dec 18, 2023 | Dec 18, 2023 | $0.0480 | 0.0949% |
| 2 | Jan 24, 2020 | Dec 21, 2020 | Dec 31, 2020 | $0.0920 | 0.0895% |
| 3 | Jan 18, 2019 | Dec 23, 2019 | Dec 31, 2019 | $0.0910 | 0.295% |
| 4 | Dec 21, 2018 | Dec 24, 2018 | Dec 31, 2018 | $0.129 | 0.695% |
| 5 | Dec 22, 2017 | Dec 26, 2017 | Dec 29, 2017 | $0.445 | 1.77% |
FAQ
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