ProShares UltraShort 20+ Year Treasury ETF Forecast

ProShares UltraShort 20+ Year Treasury ETF upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 03, 2024)

TBT Signals & Forecast

A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -5.12%. 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 rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The ProShares UltraShort 20+ Year Treasury ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $37.44. On a fall, the ETF will find some support from the long-term average at approximately $35.69. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.

Support, Risk & Stop-loss for ProShares UltraShort 20+ Year Treasury ETF

ProShares UltraShort 20+ Year Treasury finds support from accumulated volume at $36.06 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 $0.670 between high and low, or 1.85%. For the last week, the ETF has had daily average volatility of 1.78%.

Our recommended stop-loss: $34.66 (-4.57%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (TBT) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect ProShares UltraShort 20+ Year Treasury to open at $36.43, and during the day (based on 14 day Average True Range), to move between $35.52 and $37.12, which gives a possible trading interval of +/-$0.799 (+/-2.20%) up or down from last closing price. If ProShares UltraShort 20+ Year Treasury takes out the full calculated possible swing range there will be an estimated 4.40% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $36.44 (0.33%) than the support at $36.06 (0.72%), 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 20+ Year Treasury ETF A Buy?

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.207 Buy Candidate Upgraded

Predicted Opening Price for ProShares UltraShort 20+ Year Treasury of Monday, May 6, 2024

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