ProShares UltraShort Silver 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
ProShares UltraShort Silver ETF downgraded from Hold/Accumulate to Sell Candidate after Wednesday trading session.
(Updated on May 01, 2024)
The ProShares UltraShort Silver ETF price fell by -1.90% on the last day (Wednesday, 1st May 2024) from $14.74 to $14.46. During the last trading day the ETF fluctuated 4.64% from a day low at $14.01 to a day high of $14.66. The price has risen in 5 of the last 10 days and is up by 12.62% 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 -144 thousand shares and in total, 1 million shares were bought and sold for approximately $18.73 million.
The ETF lies the upper part of a very 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 $14.59 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 -38.00% during the next 3 months and, with a 90% probability hold a price between $6.55 and $9.05 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 17.37%. 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). 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 $14.68. On a fall, the ETF will find some support from the short-term average at $13.98. 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. 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 ProShares UltraShort Silver ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $13.08 and $12.90. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, ProShares UltraShort Silver finds support just below today's level at $13.08. If this is broken, then the next support from accumulated volume will be at $12.90 and $12.84.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.650 between high and low, or 4.64%. For the last week, the ETF has had daily average volatility of 3.52%.
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 Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect ProShares UltraShort Silver ETF to open at $14.38, and during the day (based on 14 day Average True Range), to move between $13.77 and $15.15, which gives a possible trading interval of +/-$0.690 (+/-4.77%) 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 9.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $14.74 (1.94%) than the support at $13.08 (9.54%), 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 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. 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: -1.017 Sell Candidate Downgraded
Predicted Opening Price for ProShares UltraShort Silver ETF of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $14.38 ( 0.576%) | $14.46 |
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 | 15.03 | 3.92 % | |
| R2 | 14.78 | 2.20 % | ||
| R1 | 14.62 | 1.14 % | ||
| Current price: | 14.46 | |||
| Support | S1 | 14.13 | -2.29 % | |
| S2 | 13.97 | -3.35 % | ||
| S3 | 13.73 | -5.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.80 | 9.27 % | |
| R2 | 15.18 | 4.98 % | ||
| R1 | 14.74 | 1.94 % | ||
| Current price | 14.46 | |||
| Support | S1 | 13.08 | -9.54% | |
| S2 | 12.90 | -10.79% | ||
| S3 | 12.84 | -11.20% |
FAQ
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