Invesco S&P 500 Top 50 ETF Forecast

Green day on Tuesday for Invesco S&P 500 Top 50
(Updated on May 28, 2024)

XLG Signals & Forecast

Mostly positive signals in the chart today. The Invesco S&P 500 Top 50 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 $43.37 and $41.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 10.07%. 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 Invesco S&P 500 Top 50 ETF

Invesco S&P 500 Top 50 finds support from accumulated volume at $41.92 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.330 (0.758%) between high and low. For the last week, the ETF has had daily average volatility of 0.92%.

The Invesco S&P 500 Top 50 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: $42.41 (-3.28%) (This ETF has low daily movements and this gives low risk. The RSI14 is 86 and this increases the risk substantially. There is a buy signal from a pivot bottom found 45 days ago.)

Trading Expectations (XLG) For The Upcoming Trading Day Of Wednesday 29th

For the upcoming trading day on Wednesday, 29th we expect Invesco S&P 500 Top 50 ETF to open at $43.74, and during the day (based on 14 day Average True Range), to move between $43.42 and $44.28, which gives a possible trading interval of +/-$0.431 (+/-0.98%) up or down from last closing price. If Invesco S&P 500 Top 50 ETF takes out the full calculated possible swing range there will be an estimated 1.96% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $41.92, some $1.93 (4.40%) from the current price of $43.85, our system finds the risk reward attractive.

Is Invesco S&P 500 Top 50 ETF 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 Invesco S&P 500 Top 50 ETF to perform well in the short-term.

Current score: 4.463 Buy Candidate Unchanged

Predicted Opening Price for Invesco S&P 500 Top 50 ETF of Wednesday, May 29, 2024

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