PROSHARES ULTRA HIGH YIELD PROSHARES ETF Forecast

Weaker technical forecast for PROSHARES ULTRA HIGH YIELD PROSHARES as ETF downgraded to Hold/Accumulate.
(Updated on Jun 26, 2024)

UJB Signals & Forecast

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. The PROSHARES ULTRA HIGH YIELD PROSHARES ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $68.92 and $68.69. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 13, 2024, and so far it has fallen -1.61%. Further fall is indicated until a new bottom pivot has been found. PROSHARES ULTRA HIGH YIELD PROSHARES gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The ETF had a Golden Star Signal on Thursday, June 29, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for PROSHARES ULTRA HIGH YIELD PROSHARES ETF

PROSHARES ULTRA HIGH YIELD PROSHARES finds support from accumulated volume at $68.24 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.135 between high and low, or 0.197%. For the last week the ETF has had daily average volatility of 0.170%.

Our recommended stop-loss: $66.15 (-3.50%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 9 days ago.)

Trading Expectations (UJB) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect PROSHARES ULTRA HIGH YIELD PROSHARES ULTRA HIGH YIELD to open at $68.50, and during the day (based on 14 day Average True Range), to move between $68.17 and $68.92, which gives a possible trading interval of +/-$0.373 (+/-0.54%) up or down from last closing price. If PROSHARES ULTRA HIGH YIELD PROSHARES ULTRA HIGH YIELD takes out the full calculated possible swing range there will be an estimated 1.09% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $68.63 (0.12%) than the support at $68.24 (0.44%), 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 ULTRA HIGH YIELD PROSHARES ULTRA HIGH YIELD ETF A Buy?

PROSHARES ULTRA HIGH YIELD PROSHARES holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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 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 PROSHARES ULTRA HIGH YIELD PROSHARES ULTRA HIGH YIELD of Thursday, June 27, 2024

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