PROSHARES SHORT FTSE CHINA 50 PROSHARES ETF Forecast
PROSHARES SHORT FTSE CHINA 50 PROSHARES ETF downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 28, 2024)
The PROSHARES SHORT FTSE CHINA 50 PROSHARES ETF price fell by -0.790% on the last day (Friday, 28th Jun 2024) from $17.38 to $17.24. During the last trading day the ETF fluctuated 0.290% from a day low at $17.24 to a day high of $17.29. The price has fallen in 6 of the last 10 days but is still up by 0.82% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -4 thousand shares and in total, 2 thousand shares were bought and sold for approximately $29.57 thousand.
The ETF lies the upper part of a wide and falling 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 $17.34 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -10.92% during the next 3 months and, with a 90% probability hold a price between $12.86 and $15.45 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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YXI Signals & Forecast
The PROSHARES SHORT FTSE CHINA 50 PROSHARES 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 $17.07 and $16.65. A breakdown below any of these levels will issue sell signals. 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 27, 2024, and so far it has fallen -0.790%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for PROSHARES SHORT FTSE CHINA 50 PROSHARES ETF
PROSHARES SHORT FTSE CHINA 50 PROSHARES finds support from accumulated volume at $16.82 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 $0.0500 between high and low, or 0.290%. For the last week the ETF has had daily average volatility of 0.534%
Our recommended stop-loss: $16.54 (-4.05%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 28 days ago.)
Trading Expectations (YXI) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect PROSHARES SHORT FTSE CHINA 50 PROSHARES SHORT FTSE CHINA 50 to open at $17.26, and during the day (based on 14 day Average True Range), to move between $17.02 and $17.46, which gives a possible trading interval of +/-$0.224 (+/-1.30%) up or down from last closing price. If PROSHARES SHORT FTSE CHINA 50 PROSHARES SHORT FTSE CHINA 50 takes out the full calculated possible swing range there will be an estimated 2.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $17.51 (1.58%) than the support at $16.82 (2.44%), 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 PROSHARES SHORT FTSE CHINA 50 PROSHARES SHORT FTSE CHINA 50 ETF A Buy?
PROSHARES SHORT FTSE CHINA 50 PROSHARES 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: -0.421 Hold/Accumulate Downgraded
Predicted Opening Price for PROSHARES SHORT FTSE CHINA 50 PROSHARES SHORT FTSE CHINA 50 of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $17.26 ( 0.0967%) | $17.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for YXI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 17.31 | 0.387% |
| R2 | 17.29 | 0.276% |
| R1 | 17.28 | 0.207% |
| Price | 17.24 | |
| S1 | 17.24 | -0.0141% |
| S2 | 17.23 | -0.0826% |
| S3 | 17.21 | -0.193% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 18.95 | 9.92% |
| R2 | 18.42 | 6.85% |
| R1 | 17.51 | 1.58% |
| Price | 17.24 | |
| S1 | 16.82 | -2.44% |
| S2 | 16.57 | -3.89% |
| S3 | 15.79 | -8.38% |
YXI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.108 | 0.568% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.162 | 0.81% |
| 3 | Jan 31, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.133 | 0.745% |
| 4 | Jan 31, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.130 | 0.747% |
| 5 | Jan 31, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0820 | 0.498% |
FAQ
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