ProShares UltraShort Nasdaq ETF Forecast

Red day on Friday for ProShares UltraShort Nasdaq
(Updated on Apr 26, 2024)

BIS Signals & Forecast

The ProShares UltraShort Nasdaq 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 $20.46. On a fall, the ETF will find some support from the long-term average at approximately $18.82. 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 Thursday, April 18, 2024, and so far it has fallen -3.53%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for ProShares UltraShort Nasdaq ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $17.59 and $17.54. 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 Nasdaq finds support just below today's level at $17.59. If this is broken, then the next support from accumulated volume will be at $17.54 and $17.22.

This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0.590 between high and low, or 2.93%. For the last week the ETF has had daily average volatility of 2.66%.

Our recommended stop-loss: $19.28 (-4.73%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (BIS) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect ProShares UltraShort Nasdaq Biotechnology to open at $20.35, and during the day (based on 14 day Average True Range), to move between $19.75 and $20.73, which gives a possible trading interval of +/-$0.493 (+/-2.44%) up or down from last closing price. If ProShares UltraShort Nasdaq Biotechnology takes out the full calculated possible swing range there will be an estimated 4.87% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $20.57 (1.63%) than the support at $17.59 (13.09%), 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 Nasdaq Biotechnology 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 ProShares UltraShort Nasdaq ETF to perform well in the short-term.

Current score: 1.147 Buy Candidate Unchanged

Predicted Opening Price for ProShares UltraShort Nasdaq Biotechnology of Monday, April 29, 2024

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