USCommodity Brent Oil Fund LP 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
Green day on Monday for USCommodity Brent Oil Fund LP
(Updated on Apr 15, 2024)
The USCommodity Brent Oil Fund LP ETF price gained 0.0301% on the last trading day (Monday, 15th Apr 2024), rising from $33.22 to $33.23. During the last trading day the ETF fluctuated 1.84% from a day low at $32.66 to a day high of $33.26. The price has risen in 7 of the last 10 days and is up by 3.23% 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, 855 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $46.38 million.
The ETF lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 18.20% during the next 3 months and, with a 90% probability hold a price between $37.60 and $40.11 at the end of this 3-month period.
BNO Signals & Forecast
The USCommodity Brent Oil Fund LP ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $33.22 and $31.40. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -0.598%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for USCommodity Brent Oil Fund LP ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $29.93 and $29.36. 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, USCommodity Brent Oil Fund LP finds support just below today's level at $29.93. If this is broken, then the next support from accumulated volume will be at $29.36 and $28.24.
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 $0.600 between high and low, or 1.84%. For the last week, the ETF has had daily average volatility of 1.75%.
Our recommended stop-loss: $32.00 (-3.69%) (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 (BNO) For The Upcoming Trading Day Of Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect USCommodity Brent Oil Fund LP ETF to open at $33.05, and during the day (based on 14 day Average True Range), to move between $32.70 and $33.76, which gives a possible trading interval of +/-$0.532 (+/-1.60%) up or down from last closing price. If USCommodity Brent Oil Fund LP ETF takes out the full calculated possible swing range there will be an estimated 3.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $33.31 (0.24%) than the support at $29.93 (9.93%), 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 USCommodity Brent Oil Fund LP ETF 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 USCommodity Brent Oil Fund LP ETF to perform well in the short-term.
Current score: 2.078 Buy Candidate Unchanged
Predicted Opening Price for USCommodity Brent Oil Fund LP ETF of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| $33.05 ( 0.542%) | $33.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BNO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 33.65 | 1.26 % | |
| R2 | 33.42 | 0.574 % | ||
| R1 | 33.28 | 0.148 % | ||
| Current price: | 33.23 | |||
| Support | S1 | 32.82 | -1.23 % | |
| S2 | 32.68 | -1.66 % | ||
| S3 | 32.45 | -2.35 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 33.43 | 0.602 % | |
| R2 | 33.36 | 0.391 % | ||
| R1 | 33.31 | 0.241 % | ||
| Current price | 33.23 | |||
| Support | S1 | 29.93 | -9.93% | |
| S2 | 29.36 | -11.65% | ||
| S3 | 28.24 | -15.02% |
FAQ
Click here for our free guide on how to buy USCommodity Brent Oil Fund LP ETF ETF.
