Invesco S&P MidCap Momentum ETF Forecast

Green day on Thursday for Invesco S&P MidCap Momentum
(Updated on May 02, 2024)

XMMO Signals & Forecast

There are mixed signals in the ETF today. The Invesco S&P MidCap Momentum ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $111.42. On a fall, the ETF will find some support from the short-term average at $109.68. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -3.83%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.

Support, Risk & Stop-loss for Invesco S&P MidCap Momentum ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $102.75 and $101.82. 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, Invesco S&P MidCap Momentum finds support just below today's level at $102.75. If this is broken, then the next support from accumulated volume will be at $101.82 and $97.57.

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 $2.29 (2.11%) between high and low. For the last week, the ETF has had daily average volatility of 1.66%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (XMMO) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Invesco S&P MidCap Momentum ETF to open at $109.82, and during the day (based on 14 day Average True Range), to move between $108.46 and $112.46, which gives a possible trading interval of +/-$2.00 (+/-1.81%) up or down from last closing price. If Invesco S&P MidCap Momentum ETF takes out the full calculated possible swing range there will be an estimated 3.62% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $113.20 (2.48%) than the support at $102.75 (6.98%), 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 S&P MidCap Momentum ETF ETF A Buy?

Invesco S&P MidCap Momentum holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.

Current score: -2.392 Sell Candidate Unchanged

Predicted Opening Price for Invesco S&P MidCap Momentum ETF of Friday, May 3, 2024

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