Wisdomtree Zinc ETF Forecast
Wisdomtree Zinc ETF upgraded to Buy Candidate.
(Updated on Jul 03, 2024)
The Wisdomtree Zinc ETF price gained 1.51% on the last trading day (Wednesday, 3rd Jul 2024), rising from $9.62 to $9.77. During the last trading day the ETF fluctuated 1.24% from a day low at $9.65 to a day high of $9.77. The price has risen in 7 of the last 10 days and is up by 7.48% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 thousand more shares were traded than the day before. In total, 43 thousand shares were bought and sold for approximately $422.82 thousand.
The ETF lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 5.03% during the next 3 months and, with a 90% probability hold a price between $9.64 and $11.18 at the end of this 3-month period.
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ZINC.L Signals & Forecast
Mostly positive signals in the chart today. The Wisdomtree Zinc ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $9.62 and $9.71. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 7.57%. 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). Wisdomtree Zinc has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Wisdomtree Zinc ETF
Wisdomtree Zinc finds support from accumulated volume at $9.66 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 $0.120 (1.24%) between high and low. For the last week, the ETF has had daily average volatility of 0.80%.
Our recommended stop-loss: $9.32 (-4.59%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (ZINC.L) For The Upcoming Trading Day Of Thursday 4th
For the upcoming trading day on Thursday, 4th we expect Wisdomtree Zinc to open at $9.73, and during the day (based on 14 day Average True Range), to move between $9.62 and $9.92, which gives a possible trading interval of +/-$0.151 (+/-1.55%) up or down from last closing price. If Wisdomtree Zinc takes out the full calculated possible swing range there will be an estimated 3.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $9.66 (1.10%) than the resistance at $9.88 (1.15%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wisdomtree Zinc 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 Wisdomtree Zinc ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.
Current score: 4.175 Buy Candidate Upgraded
Predicted Opening Price for Wisdomtree Zinc of Thursday, July 4, 2024
| Fair opening price July 4, 2024 | Current price |
|---|---|
| $9.73 ( 0.410%) | $9.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZINC.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.85 | 0.82% |
| R2 | 9.80 | 0.350% |
| R1 | 9.77 | 0.0598% |
| Price | 9.77 | |
| S1 | 9.68 | -0.88% |
| S2 | 9.65 | -1.17% |
| S3 | 9.61 | -1.64% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.21 | 4.53% |
| R2 | 10.04 | 2.79% |
| R1 | 9.88 | 1.15% |
| Price | 9.77 | |
| S1 | 9.66 | -1.10% |
| S2 | 9.62 | -1.48% |
| S3 | 9.40 | -3.76% |
FAQ
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