BMO Equal Weight Banks Index ETF Forecast

BMO Equal Weight Banks Index ETF downgraded to Sell Candidate
(Updated on May 07, 2024)

ZEB.TO Signals & Forecast

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. The BMO Equal Weight Banks Index 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 $36.12. On a fall, the ETF will find some support from the short-term average at $35.55. 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 Tuesday, April 09, 2024, and so far it has fallen -3.32%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for BMO Equal Weight Banks Index ETF

BMO Equal Weight Banks Index finds support from accumulated volume at $35.75 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 with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.230 between high and low, or 0.643%. For the last week the ETF has had daily average volatility of 0.90%.

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

Trading Expectations (ZEB.TO) For The Upcoming Trading Day Of Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect BMO Equal Weight Banks Index ETF to open at $35.84, and during the day (based on 14 day Average True Range), to move between $35.43 and $36.13, which gives a possible trading interval of +/-$0.348 (+/-0.97%) up or down from last closing price. If BMO Equal Weight Banks Index ETF takes out the full calculated possible swing range there will be an estimated 1.95% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $35.75 (0.08%) than the resistance at $35.96 (0.50%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is BMO Equal Weight Banks Index ETF ETF A Buy?

BMO Equal Weight Banks Index 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.147 Sell Candidate Downgraded

Predicted Opening Price for BMO Equal Weight Banks Index ETF of Wednesday, May 8, 2024

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