ProShares Ultra Nasdaq Biotechnology ETF Forecast
Weaker technical forecast for ProShares Ultra Nasdaq Biotechnology as ETF downgraded to Sell Candidate.
(Updated on Apr 25, 2024)
The ProShares Ultra Nasdaq Biotechnology ETF price fell by -2.35% on the last day (Thursday, 25th Apr 2024) from $50.12 to $48.94. During the last trading day the ETF fluctuated 3.69% from a day low at $47.98 to a day high of $49.75. The price has fallen in 7 of the last 10 days and is down by -8.75% for this period. Volume has increased on the last day by 15 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 28 thousand shares were bought and sold for approximately $1.38 million.
The ETF lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $47.32 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the ETF is expected to fall -13.08% during the next 3 months and, with a 90% probability hold a price between $41.13 and $49.22 at the end of this 3-month period.
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BIB Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 1.94%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ProShares Ultra Nasdaq Biotechnology ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $49.09 and $54.15. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). ProShares Ultra Nasdaq Biotechnology gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for ProShares Ultra Nasdaq Biotechnology ETF
ProShares Ultra Nasdaq Biotechnology finds support from accumulated volume at $48.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.77 between high and low, or 3.69%. For the last week, the ETF has had daily average volatility of 2.85%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BIB) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect ProShares Ultra Nasdaq Biotechnology to open at $48.89, and during the day (based on 14 day Average True Range), to move between $47.38 and $50.50, which gives a possible trading interval of +/-$1.56 (+/-3.18%) up or down from last closing price. If ProShares Ultra Nasdaq Biotechnology takes out the full calculated possible swing range there will be an estimated 6.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $48.20 (1.51%) than the resistance at $56.37 (15.18%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ProShares Ultra Nasdaq Biotechnology ETF A Buy?
ProShares Ultra Nasdaq Biotechnology holds several negative signals and is within a wide and falling trend, so we believe 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: -3.744 Sell Candidate Downgraded
Predicted Opening Price for ProShares Ultra Nasdaq Biotechnology of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $48.89 ( 0.102%) | $48.94 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BIB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 50.66 | 3.51 % | |
| R2 | 49.98 | 2.13 % | ||
| R1 | 49.57 | 1.28 % | ||
| Current price: | 48.94 | |||
| Support | S1 | 48.21 | -1.48 % | |
| S2 | 47.80 | -2.34 % | ||
| S3 | 47.12 | -3.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 58.68 | 19.90 % | |
| R2 | 58.09 | 18.70 % | ||
| R1 | 56.37 | 15.18 % | ||
| Current price | 48.94 | |||
| Support | S1 | 48.20 | -1.51% | |
| S2 | 48.01 | -1.90% | ||
| S3 | 0 | . |
BIB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.0403 | 0.0694% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 28, 2023 | $0.0384 | 0.0659% |
| 3 | May 10, 2023 | Dec 22, 2022 | Mar 29, 2023 | $0.0200 | 0.0374% |
| 4 | Aug 30, 2010 | Sep 21, 2010 | Sep 28, 2010 | $0.0110 | 0.170% |
FAQ
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