ProShares Ultra Semiconductors ETF Forecast

Strong day for ProShares Ultra Semiconductors ETF price on Friday rising 5.77% to $89.97
(Updated on May 03, 2024)

USD Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 22.71%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ProShares Ultra Semiconductors 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 $91.69. On a fall, the ETF will find some support from the short-term average at $87.09. 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.

Support, Risk & Stop-loss for ProShares Ultra Semiconductors ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $84.77 and $73.44. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, ProShares Ultra Semiconductors finds support just below today's level at $84.77. If this is broken, then the next support from accumulated volume will be at $73.44 and $73.32.

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 $2.66 between high and low, or 3.03%. For the last week, the ETF has had daily average volatility of 5.58%.

Our recommended stop-loss: $86.37 (-4.00%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 10 days ago.)

Trading Expectations (USD) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect ProShares Ultra Semiconductors to open at $89.34, and during the day (based on 14 day Average True Range), to move between $84.01 and $95.93, which gives a possible trading interval of +/-$5.96 (+/-6.62%) up or down from last closing price. If ProShares Ultra Semiconductors takes out the full calculated possible swing range there will be an estimated 13.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $84.77 (5.78%) than the resistance at $98.09 (9.03%), 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 Semiconductors ETF A Buy?

ProShares Ultra Semiconductors 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: 0.867 Hold/Accumulate Upgraded

Predicted Opening Price for ProShares Ultra Semiconductors of Monday, May 6, 2024

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