ProShares UltraShort Silver ETF Forecast
A very strong day for ProShares UltraShort Silver ETF price on Monday
(Updated on Apr 22, 2024)
The ProShares UltraShort Silver ETF price gained 9.84% on the last trading day (Monday, 22nd Apr 2024), rising from $12.50 to $13.73. During the last trading day the ETF fluctuated 2.82% from a day low at $13.48 to a day high of $13.86. The price has fallen in 5 of the last 10 days but is still up by 3.31% 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, 285 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $30.00 million.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -35.79% during the next 3 months and, with a 90% probability hold a price between $7.47 and $9.87 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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ZSL Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 11.44%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ProShares UltraShort Silver 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 $15.42. On a fall, the ETF will find some support from the short-term average at $12.89. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for ProShares UltraShort Silver ETF
ProShares UltraShort Silver finds support from accumulated volume at $13.08 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $0.380 between high and low, or 2.82%. For the last week, the ETF has had daily average volatility of 3.68%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZSL) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect ProShares UltraShort Silver ETF to open at $13.69, and during the day (based on 14 day Average True Range), to move between $12.95 and $14.51, which gives a possible trading interval of +/-$0.784 (+/-5.71%) up or down from last closing price. If ProShares UltraShort Silver ETF takes out the full calculated possible swing range there will be an estimated 11.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $14.01 (2.04%) than the support at $13.08 (4.73%), 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 UltraShort Silver ETF ETF A Buy?
ProShares UltraShort Silver 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: -2.482 Sell Candidate Unchanged
Predicted Opening Price for ProShares UltraShort Silver ETF of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $13.69 ( 0.291%) | $13.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZSL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.07 | 2.48 % | |
| R2 | 13.92 | 1.42 % | ||
| R1 | 13.84 | 0.766 % | ||
| Current price: | 13.73 | |||
| Support | S1 | 13.54 | -1.35 % | |
| S2 | 13.46 | -2.00 % | ||
| S3 | 13.31 | -3.06 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.18 | 10.56 % | |
| R2 | 14.27 | 3.93 % | ||
| R1 | 14.01 | 2.04 % | ||
| Current price | 13.73 | |||
| Support | S1 | 13.08 | -4.73% | |
| S2 | 12.90 | -6.05% | ||
| S3 | 12.84 | -6.48% |
FAQ
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