Graniteshares 1.75x Long Tsla Daily Etf ETF Forecast
Volatile ride for Graniteshares 1.75x Long Tsla Daily Etf ETF price on Tuesday moving between $16.86 and $18.79
(Updated on Jul 02, 2024)
The Graniteshares 1.75x Long Tsla Daily Etf ETF price gained 20.45% on the last trading day (Tuesday, 2nd Jul 2024), rising from $15.60 to $18.79. 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 11.45% from a day low at $16.86 to a day high of $18.79. The price has risen in 7 of the last 10 days and is up by 49.01% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 246 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $48.87 million.
The ETF has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $16.06, a level that may pose a second chance to hit a runner. According to fan-theory $22.11 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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TSLR Signals & Forecast
The Graniteshares 1.75x Long Tsla Daily Etf 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 $14.34 and $12.06. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 79.81%. 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.
Support, Risk & Stop-loss for Graniteshares 1.75x Long Tsla Daily Etf ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $15.60. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $ may give a huge drop in the ETF price.
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 $1.93 between high and low, or 11.45%. For the last week, the ETF has had daily average volatility of 9.58%.
The Graniteshares 1.75x Long Tsla Daily Etf ETF is extremely overbought on RSI14 (87). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken. Since the Graniteshares 1.75x Long Tsla Daily Etf has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $18.18 (-3.26%) (This ETF has high daily movements and this gives high risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 44 days ago.)
Trading Expectations (TSLR) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Graniteshares 1.75x Long Tsla Daily Etf to open at $18.15, and during the day (based on 14 day Average True Range), to move between $17.63 and $19.95, which gives a possible trading interval of +/-$1.16 (+/-6.19%) up or down from last closing price. If Graniteshares 1.75x Long Tsla Daily Etf takes out the full calculated possible swing range there will be an estimated 12.37% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $15.60, some $3.19 (16.98%) from the current price of $18.79, our system finds the risk reward attractive.
Is Graniteshares 1.75x Long Tsla Daily Etf ETF A Buy?
Graniteshares 1.75x Long Tsla Daily Etf holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Graniteshares 1.75x Long Tsla Daily Etf of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $18.15 ( 3.42%) | $18.79 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TSLR
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 20.08 | 6.85% |
| R2 | 19.34 | 2.92% |
| R1 | 18.88 | 0.500% |
| Price | 18.79 | |
| S1 | 17.41 | -7.35% |
| S2 | 16.95 | -9.77% |
| S3 | 16.22 | -13.70% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 18.79 | |
| S1 | 15.60 | -16.98% |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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