Global X S&P 500 Covered Call & Growth ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Weaker technical forecast for Global X S&P 500 Covered Call & Growth as ETF downgraded to Hold/Accumulate.
(Updated on Jun 28, 2024)
The Global X S&P 500 Covered Call & Growth ETF price gained 0.0604% on the last trading day (Friday, 28th Jun 2024), rising from $30.81 to $30.82. During the last trading day the ETF fluctuated 0.572% from a day low at $30.82 to a day high of $31.00. The price has risen in 6 of the last 10 days and is up by 0.37% over the past 2 weeks. Volume fell on the last day by -4 thousand shares and in total, 2 thousand shares were bought and sold for approximately $62.73 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the upper part of a narrow and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $31.03 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 3.99% during the next 3 months and, with a 90% probability hold a price between $31.14 and $32.26 at the end of this 3-month period.
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XYLG Signals & Forecast
The Global X S&P 500 Covered Call & Growth 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 $30.81 and $30.37. A breakdown below any of these levels will issue sell signals. 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 Thursday, June 20, 2024, and so far it has fallen -0.279%. Further fall is indicated until a new bottom pivot has been found. 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 S&P 500 Covered Call & Growth ETF
Global X S&P 500 Covered Call & Growth finds support from accumulated volume at $30.04 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 $0.176 between high and low, or 0.572%. For the last week the ETF has had daily average volatility of 0.551%
Our recommended stop-loss: $29.81 (-3.28%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 48 days ago.)
Trading Expectations (XYLG) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Global X S&P 500 Covered Call & Growth ETF to open at $30.88, and during the day (based on 14 day Average True Range), to move between $30.65 and $31.00, which gives a possible trading interval of +/-$0.176 (+/-0.57%) up or down from last closing price. If Global X S&P 500 Covered Call & Growth ETF takes out the full calculated possible swing range there will be an estimated 1.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $30.83 (0.02%) than the support at $30.04 (2.54%), 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 S&P 500 Covered Call & Growth ETF ETF A Buy?
Global X S&P 500 Covered Call & Growth 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: 0.909 Hold/Accumulate Downgraded
Predicted Opening Price for Global X S&P 500 Covered Call & Growth ETF of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $30.88 ( 0.191%) | $30.82 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XYLG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 31.06 | 0.763% |
| R2 | 30.99 | 0.544% |
| R1 | 30.95 | 0.409% |
| Price | 30.82 | |
| S1 | 30.82 | -0.0279% |
| S2 | 30.77 | -0.163% |
| S3 | 30.71 | -0.382% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 30.91 | 0.280% |
| R2 | 30.89 | 0.215% |
| R1 | 30.83 | 0.0204% |
| Price | 30.82 | |
| S1 | 30.04 | -2.54% |
| S2 | 29.44 | -4.49% |
| S3 | 29.42 | -4.56% |
XYLG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 28, 2023 | May 20, 2024 | May 29, 2024 | $0.104 | 0.345% |
| 2 | Dec 28, 2023 | Apr 22, 2024 | Apr 30, 2024 | $0.121 | 0.412% |
| 3 | Dec 28, 2023 | Mar 18, 2024 | Mar 26, 2024 | $0.117 | 0.388% |
| 4 | Dec 28, 2023 | Feb 20, 2024 | Feb 28, 2024 | $0.108 | 0.366% |
| 5 | Dec 28, 2023 | Jan 22, 2024 | Jan 30, 2024 | $0.109 | 0.377% |
FAQ
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