ProShares Ultra Gold ETF Forecast
ProShares Ultra Gold ETF upgraded to Hold/Accumulate.
(Updated on Jun 20, 2024)
The ProShares Ultra Gold ETF price gained 2.49% on the last trading day (Thursday, 20th Jun 2024), rising from $77.53 to $79.46. During the last trading day the ETF fluctuated 2.37% from a day low at $78.06 to a day high of $79.91. The price has risen in 7 of the last 10 days but is still down by -0.09% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 121 thousand more shares were traded than the day before. In total, 255 thousand shares were bought and sold for approximately $20.25 million.
The ETF lies in the middle of a wide and 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 4.70% during the next 3 months and, with a 90% probability hold a price between $75.88 and $90.36 at the end of this 3-month period.
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UGL Signals & Forecast
The ProShares Ultra Gold ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $77.35 and $78.98. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 Monday, May 20, 2024, and so far it has fallen -6.51%. 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).
Support, Risk & Stop-loss for ProShares Ultra Gold ETF
ProShares Ultra Gold finds support from accumulated volume at $79.19 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 $1.85 between high and low, or 2.37%. For the last week, the ETF has had daily average volatility of 1.79%.
Our recommended stop-loss: $74.76 (-5.91%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 35 days ago.)
Trading Expectations (UGL) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect ProShares Ultra Gold ETF to open at $79.14, and during the day (based on 14 day Average True Range), to move between $77.48 and $81.44, which gives a possible trading interval of +/-$1.98 (+/-2.49%) up or down from last closing price. If ProShares Ultra Gold ETF takes out the full calculated possible swing range there will be an estimated 4.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $79.19 (0.34%) than the resistance at $80.07 (0.77%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ProShares Ultra Gold ETF ETF A Buy?
ProShares Ultra Gold 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.782 Hold/Accumulate Upgraded
Predicted Opening Price for ProShares Ultra Gold ETF of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $79.14 ( 0.399%) | $79.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UGL
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 80.99 | 1.93% |
| R2 | 80.29 | 1.04% |
| R1 | 79.85 | 0.490% |
| Price | 79.46 | |
| S1 | 78.44 | -1.29% |
| S2 | 78.00 | -1.84% |
| S3 | 77.29 | -2.73% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 83.21 | 4.72% |
| R2 | 82.97 | 4.42% |
| R1 | 80.07 | 0.768% |
| Price | 79.46 | |
| S1 | 79.19 | -0.340% |
| S2 | 77.78 | -2.11% |
| S3 | 74.95 | -5.68% |
FAQ
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