Invesco Bloomberg Commodity ETF Forecast

Invesco Bloomberg Commodity ETF downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jun 25, 2024)

XAAG.F Signals & Forecast

The Invesco Bloomberg Commodity ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately 28.48€. On a fall, the ETF will find some support from the long-term average at approximately 28.36€. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Tuesday, May 21, 2024, and so far it has fallen -3.40%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for Invesco Bloomberg Commodity ETF

Invesco Bloomberg Commodity finds support from accumulated volume at 28.28€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved 0.220€ between high and low, or 0.773%. For the last week the ETF has had daily average volatility of 0.82%

Our recommended stop-loss: 27.07€ (-4.83%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 37 days ago.)

Trading Expectations (XAAG.F) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Invesco Bloomberg Commodity Ex-agriculture Ucits Etf to open at 28.52€, and during the day (based on 14 day Average True Range), to move between 28.12€ and 28.78€, which gives a possible trading interval of +/-0.332€ (+/-1.17%) up or down from last closing price. If Invesco Bloomberg Commodity Ex-agriculture Ucits Etf takes out the full calculated possible swing range there will be an estimated 2.33% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 28.51€ (0.21%) than the support at 28.28€ (0.60%), 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 Invesco Bloomberg Commodity Ex-agriculture Ucits Etf ETF A Buy?

Invesco Bloomberg Commodity 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: 0.276 Hold/Accumulate Downgraded

Predicted Opening Price for Invesco Bloomberg Commodity Ex-agriculture Ucits Etf of Wednesday, June 26, 2024

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