Wheat ETF Forecast
Wheat ETF upgraded from Sell Candidate to Strong Buy Candidate after Friday trading session.
(Updated on May 03, 2024)
The Wheat ETF price gained 2.89% on the last trading day (Friday, 3rd May 2024), rising from $5.71 to $5.87. During the last trading day the ETF fluctuated 2.41% from a day low at $5.80 to a day high of $5.94. The price has risen in 7 of the last 10 days and is up by 9.93% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 224 thousand more shares were traded than the day before. In total, 885 thousand shares were bought and sold for approximately $5.19 million.
Given the current short-term trend, the ETF is expected to rise 3.09% during the next 3 months and, with a 90% probability hold a price between $5.31 and $6.05 at the end of this 3-month period.
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WEAT Signals & Forecast
Mostly positive signals in the chart today. The Wheat 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 $5.76 and $5.43. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 07, 2024, and so far it has risen 16.47%. 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.
Support, Risk & Stop-loss for Wheat ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $5.31 and $5.30. 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, Wheat finds support just below today's level at $5.31. If this is broken, then the next support from accumulated volume will be at $5.30 and $5.24.
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 $0.140 between high and low, or 2.41%. For the last week, the ETF has had daily average volatility of 1.94%.
Our recommended stop-loss: $5.66 (-3.50%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 40 days ago.)
Trading Expectations (WEAT) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Teucrium Wheat ETF (WEAT) to open at $5.87, and during the day (based on 14 day Average True Range), to move between $5.74 and $6.00, which gives a possible trading interval of +/-$0.131 (+/-2.23%) up or down from last closing price. If Teucrium Wheat ETF (WEAT) takes out the full calculated possible swing range there will be an estimated 4.45% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $5.31, some $0.560 (9.54%) from the current price of $5.87, our system finds the risk reward attractive.
Is Teucrium Wheat ETF (WEAT) ETF A Buy?
Wheat holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Strong Buy candidate.
Current score: 5.310 Strong Buy Candidate Upgraded
Predicted Opening Price for Teucrium Wheat ETF (WEAT) of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $5.87 ( 0%) | $5.87 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WEAT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.01 | 2.39 % | |
| R2 | 5.96 | 1.47 % | ||
| R1 | 5.92 | 0.91 % | ||
| Current price: | 5.87 | |||
| Support | S1 | 5.82 | -0.91 % | |
| S2 | 5.78 | -1.47 % | ||
| S3 | 5.73 | -2.39 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 5.87 | |||
| Support | S1 | 5.31 | -9.54% | |
| S2 | 5.30 | -9.71% | ||
| S3 | 5.24 | -10.73% |
FAQ
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