iShares S&P/TSX Global Base Metals Index ETF Forecast

iShares S&P/TSX Global Base Metals Index ETF downgraded to Hold/Accumulate
(Updated on May 17, 2024)

XBM.TO Signals & Forecast

The iShares S&P/TSX Global Base Metals Index 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 $23.34 and $22.15. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 11.94%. 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). iShares S&P/TSX Global Base Metals Index has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The ETF had a Golden Star Signal on Tuesday, July 11, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for iShares S&P/TSX Global Base Metals Index ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $21.89 and $21.83. 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, iShares S&P/TSX Global Base Metals Index finds support just below today's level at $21.89. If this is broken, then the next support from accumulated volume will be at $21.83 and $21.12.

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 $0.510 between high and low, or 2.15%. For the last week, the ETF has had daily average volatility of 1.63%.

Our recommended stop-loss: $23.38 (-3.70%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (XBM.TO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect iShares S&P/TSX Global Base Metals Index ETF to open at $24.11, and during the day (based on 14 day Average True Range), to move between $23.82 and $24.74, which gives a possible trading interval of +/-$0.459 (+/-1.89%) up or down from last closing price. If iShares S&P/TSX Global Base Metals Index ETF takes out the full calculated possible swing range there will be an estimated 3.78% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $21.89, some $2.39 (9.84%) from the current price of $24.28, our system finds the risk reward attractive.

Is iShares S&P/TSX Global Base Metals Index ETF ETF A Buy?

iShares S&P/TSX Global Base Metals Index 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: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for iShares S&P/TSX Global Base Metals Index ETF of Tuesday, May 21, 2024

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