Robo Global Artificial Intelligence ETF Forecast
Robo Global Artificial Intelligence ETF upgraded from Buy Candidate to Strong Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Robo Global Artificial Intelligence ETF price gained 0.92% on the last trading day (Tuesday, 2nd Jul 2024), rising from $45.14 to $45.56. It has now gained 6 days in a row. It is not often that ETFS manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the ETF fluctuated 0.90% from a day low at $45.15 to a day high of $45.56. The price has risen in 8 of the last 10 days and is up by 3.36% over the past 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 10 thousand shares were bought and sold for approximately $461.80 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $46.19 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 5.88% during the next 3 months and, with a 90% probability hold a price between $44.37 and $48.91 at the end of this 3-month period.
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THNQ Signals & Forecast
The Robo Global Artificial Intelligence 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 $44.63 and $43.88. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 14.35%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Robo Global Artificial Intelligence ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $42.79 and $42.37. 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, Robo Global Artificial Intelligence finds support just below today's level at $42.79. If this is broken, then the next support from accumulated volume will be at $42.37 and $41.45.
In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.407 between high and low, or 0.90%. For the last week the ETF has had daily average volatility of 1.17%
The Robo Global Artificial Intelligence 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. Since the Robo Global Artificial Intelligence has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: $44.22 (-2.94%) (This ETF has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 80 days ago.)
Trading Expectations (THNQ) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Robo Global Artificial Intelligence ETF to open at $45.42, and during the day (based on 14 day Average True Range), to move between $44.96 and $46.16, which gives a possible trading interval of +/-$0.600 (+/-1.32%) up or down from last closing price. If Robo Global Artificial Intelligence ETF takes out the full calculated possible swing range there will be an estimated 2.63% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $42.79, some $2.77 (6.07%) from the current price of $45.56, our system finds the risk reward attractive.
Is Robo Global Artificial Intelligence ETF ETF A Buy?
Robo Global Artificial Intelligence holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.872 Strong Buy Candidate Upgraded
Predicted Opening Price for Robo Global Artificial Intelligence ETF of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $45.42 ( 0.292%) | $45.56 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for THNQ
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 45.83 | 0.602% |
| R2 | 45.67 | 0.260% |
| R1 | 45.58 | 0.0494% |
| Price | 45.56 | |
| S1 | 45.27 | -0.634% |
| S2 | 45.17 | -0.84% |
| S3 | 45.02 | -1.19% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 45.56 | |
| S1 | 42.79 | -6.07% |
| S2 | 42.37 | -6.99% |
| S3 | 41.45 | -9.01% |
FAQ
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