ProShares Ultra VIX Short-Term Futures ETF Forecast

ProShares Ultra VIX Short-Term Futures ETF price down 1.28% on Thursday
(Updated on Apr 18, 2024)

UVXY Signals & Forecast

The ProShares Ultra VIX Short-Term Futures ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $33.69 and $12.15. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -6.13%. Further fall is indicated until a new bottom pivot has been found. 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 ProShares Ultra VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures finds support from accumulated volume at $38.14 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $2.78 between high and low, or 7.52%. For the last week, the ETF has had daily average volatility of 10.99%.

The ProShares Ultra VIX Short-Term Futures ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.

Our recommended stop-loss: $36.44 (-5.16%) (This ETF has very high daily movements and this gives very high risk. The RSI14 is 92 and this increases the risk substantially. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (UVXY) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect ProShares Ultra VIX Short-Term Futures to open at $38.39, and during the day (based on 14 day Average True Range), to move between $35.33 and $41.51, which gives a possible trading interval of +/-$3.09 (+/-8.03%) up or down from last closing price. If ProShares Ultra VIX Short-Term Futures takes out the full calculated possible swing range there will be an estimated 16.06% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $38.14 (0.73%) than the resistance at $38.92 (1.30%), 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 VIX Short-Term Futures ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ProShares Ultra VIX Short-Term Futures ETF to perform well in the short-term.

Current score: 2.983 Buy Candidate Unchanged

Predicted Opening Price for ProShares Ultra VIX Short-Term Futures of Friday, April 19, 2024

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