Global X Information Technology Covered ETF Forecast
Global X Information Technology Covered ETF upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Jun 28, 2024)
The Global X Information Technology Covered ETF price gained 0.326% on the last trading day (Friday, 28th Jun 2024), rising from $32.90 to $33.01. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.0606% from a day low at $33.01 to a day high of $33.03. The price has risen in 7 of the last 10 days but is still down by -0.3% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 832 more shares were traded than the day before. In total, 2 thousand shares were bought and sold for approximately $56.58 thousand.
The ETF lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 6.31% during the next 3 months and, with a 90% probability hold a price between $33.30 and $35.77 at the end of this 3-month period.
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TYLG Signals & Forecast
The Global X Information Technology Covered 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 $32.91 and $32.12. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Global X Information Technology Covered has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen -1.23%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Global X Information Technology Covered ETF
Global X Information Technology Covered finds support from accumulated volume at $32.03 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.0200 (0.0606%) between high and low. For the last week, the ETF has had daily average volatility of 0.474%.
Our recommended stop-loss: $31.78 (-3.73%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (TYLG) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Global X Information Technology Covered Call & Growth Etf to open at $33.02, and during the day (based on 14 day Average True Range), to move between $32.71 and $33.31, which gives a possible trading interval of +/-$0.305 (+/-0.92%) up or down from last closing price. If Global X Information Technology Covered Call & Growth Etf takes out the full calculated possible swing range there will be an estimated 1.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $33.11 (0.30%) than the support at $32.03 (2.97%), 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 Global X Information Technology Covered Call & Growth Etf ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Global X Information Technology Covered ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.177 Buy Candidate Upgraded
Predicted Opening Price for Global X Information Technology Covered Call & Growth Etf of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
$33.02 ( 0.0202%) | $33.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TYLG
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 33.04 | 0.0808% |
R2 | 33.03 | 0.0576% |
R1 | 33.02 | 0.0433% |
Price | 33.01 | |
S1 | 33.01 | -0.0029% |
S2 | 33.00 | -0.0172% |
S3 | 33.00 | -0.0404% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 33.38 | 1.14% |
R2 | 33.22 | 0.636% |
R1 | 33.11 | 0.303% |
Price | 33.01 | |
S1 | 32.03 | -2.97% |
S2 | 30.50 | -7.60% |
S3 | 30.31 | -8.18% |
FAQ
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