BMO Global High Dividend Covered Call ETF Forecast

Red day on Friday for BMO Global High Dividend Covered Call ETF after losing 0%
(Updated on May 24, 2024)

ZWG.TO Signals & Forecast

The BMO Global High Dividend Covered Call ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $30.51. On a fall, the ETF will find some support from the long-term average at approximately $30.08. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -1.27%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. The ETF had a Golden Star Signal on Wednesday, July 12, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Buy

Special Signal Notification

Golden Star 12 Months

The ETF had a Golden Star Signal on Wednesday, July 12, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Sell

Special Signal Notification

Double Top Formation

A sell signal from a double top formation was found on Wednesday, May 22, 2024 and based on theory for this formation the price should fall by -4.62% to $28.93 within 41 trading days since signal was issued (Monday, May 27, 2024).

Support, Risk & Stop-loss for BMO Global High Dividend Covered Call ETF

BMO Global High Dividend Covered Call finds support from accumulated volume at $30.04 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 between high and low, or 0%. For the last week the ETF has had daily average volatility of 0.605%

Our recommended stop-loss: $29.20 (-3.72%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 17 days ago.)

Trading Expectations (ZWG.TO) For The Upcoming Trading Day Of Monday 27th

For the upcoming trading day on Monday, 27th we expect BMO Global High Dividend Covered Call ETF to open at $30.33, and during the day (based on 14 day Average True Range), to move between $30.16 and $30.50, which gives a possible trading interval of +/-$0.173 (+/-0.57%) up or down from last closing price. If BMO Global High Dividend Covered Call ETF takes out the full calculated possible swing range there will be an estimated 1.14% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $30.50 (0.56%) than the support at $30.04 (0.96%), 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 BMO Global High Dividend Covered Call ETF ETF A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for BMO Global High Dividend Covered Call ETF to perform well in the short-term period.

Current score: 1.708 Buy Candidate Unchanged

Predicted Opening Price for BMO Global High Dividend Covered Call ETF of Monday, May 27, 2024

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