Global X Wind Energy ETF Forecast

Global X Wind Energy ETF downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 08, 2024)

WNDY Signals & Forecast

The Global X Wind Energy 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 $12.23 and $11.98. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 9.12%. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Global X Wind Energy ETF

Global X Wind Energy finds support from accumulated volume at $12.22 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, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0.0250 between high and low, or 0.200%. For the last week the ETF has had daily average volatility of 0.431%.

The Global X Wind Energy 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. Since the Global X Wind Energy has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: $11.98 (-4.23%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (WNDY) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect Global X Wind Energy ETF to open at $12.50, and during the day (based on 14 day Average True Range), to move between $12.36 and $12.65, which gives a possible trading interval of +/-$0.140 (+/-1.12%) up or down from last closing price. If Global X Wind Energy ETF takes out the full calculated possible swing range there will be an estimated 2.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $12.56 (0.44%) than the support at $12.22 (2.28%), 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 Global X Wind Energy ETF ETF A Buy?

Global X Wind Energy 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.503 Hold/Accumulate Downgraded

Predicted Opening Price for Global X Wind Energy ETF of Thursday, May 9, 2024

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