PROSHARES ULTRAPRO S&P500 PROSHARES ETF Forecast

PROSHARES ULTRAPRO S&P500 PROSHARES ETF downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 25, 2024)

UPRO Signals & Forecast

There are mixed signals in the ETF today. The PROSHARES ULTRAPRO S&P500 PROSHARES ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $66.50. On a fall, the ETF will find some support from the short-term average at $61.41. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 4.92%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for PROSHARES ULTRAPRO S&P500 PROSHARES ETF

PROSHARES ULTRAPRO S&P500 PROSHARES finds support from accumulated volume at $61.24 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 $2.51 between high and low, or 4.19%. For the last week, the ETF has had daily average volatility of 3.57%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (UPRO) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect PROSHARES ULTRAPRO S&P500 PROSHARES ULTRAPRO S&P500 to open at $61.42, and during the day (based on 14 day Average True Range), to move between $59.78 and $64.36, which gives a possible trading interval of +/-$2.29 (+/-3.69%) up or down from last closing price. If PROSHARES ULTRAPRO S&P500 PROSHARES ULTRAPRO S&P500 takes out the full calculated possible swing range there will be an estimated 7.39% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $62.78 (1.14%) than the support at $61.24 (1.34%), 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 ULTRAPRO S&P500 PROSHARES ULTRAPRO S&P500 ETF A Buy?

PROSHARES ULTRAPRO S&P500 PROSHARES holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.325 Sell Candidate Downgraded

Predicted Opening Price for PROSHARES ULTRAPRO S&P500 PROSHARES ULTRAPRO S&P500 of Friday, April 26, 2024

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