2x Long Vix Futures Etf ETF Forecast
Red day on Monday for 2x Long Vix Futures Etf
(Updated on Jun 24, 2024)
The 2x Long Vix Futures Etf ETF price fell by -0.504% on the last day (Monday, 24th Jun 2024) from $5.95 to $5.92. During the last trading day the ETF fluctuated 5.03% from a day low at $5.76 to a day high of $6.05. The price has fallen in 7 of the last 10 days but is still up by 0.85% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -4 million shares and in total, 5 million shares were bought and sold for approximately $29.23 million.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -39.17% during the next 3 months and, with a 90% probability hold a price between $3.10 and $4.98 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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UVIX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 5.71%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The 2x Long Vix Futures Etf 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 $6.43. On a fall, the ETF will find some support from the short-term average at $5.90. 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. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for 2x Long Vix Futures Etf ETF
2x Long Vix Futures Etf finds support from accumulated volume at $5.87 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 $0.290 between high and low, or 5.03%. For the last week, the ETF has had daily average volatility of 6.67%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (UVIX) For The Upcoming Trading Day Of Tuesday 25th
For the upcoming trading day on Tuesday, 25th we expect 2x Long Vix Futures Etf to open at $5.91, and during the day (based on 14 day Average True Range), to move between $5.47 and $6.37, which gives a possible trading interval of +/-$0.445 (+/-7.52%) up or down from last closing price. If 2x Long Vix Futures Etf takes out the full calculated possible swing range there will be an estimated 15.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.97 (0.84%) than the support at $5.87 (0.84%), 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 2x Long Vix Futures Etf ETF A Buy?
2x Long Vix Futures Etf 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.
Current score: -2.999 Sell Candidate Unchanged
Predicted Opening Price for 2x Long Vix Futures Etf of Tuesday, June 25, 2024
| Fair opening price June 25, 2024 | Current price |
|---|---|
| $5.91 ( 0.169%) | $5.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UVIX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.20 | 4.73% |
| R2 | 6.09 | 2.86% |
| R1 | 6.02 | 1.70% |
| Price | 5.92 | |
| S1 | 5.80 | -2.04% |
| S2 | 5.73 | -3.20% |
| S3 | 5.62 | -5.07% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 6.47 | 9.29% |
| R2 | 6.43 | 8.61% |
| R1 | 5.97 | 0.84% |
| Price | 5.92 | |
| S1 | 5.87 | -0.84% |
| S2 | 5.62 | -5.07% |
| S3 | 5.60 | -5.41% |
FAQ
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