USCommodity Brent Oil Fund LP ETF Forecast
Green day on Friday for USCommodity Brent Oil Fund LP ETF after gaining 0.0936%
(Updated on Apr 19, 2024)
The USCommodity Brent Oil Fund LP ETF price gained 0.0936% on the last trading day (Friday, 19th Apr 2024), rising from $32.04 to $32.07. During the last trading day the ETF fluctuated 1.08% from a day low at $31.98 to a day high of $32.32. The price has fallen in 6 of the last 10 days and is down by -4.07% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 175 thousand more shares were traded than the day before. In total, 594 thousand shares were bought and sold for approximately $19.04 million.
The ETF lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $31.95 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 17.02% during the next 3 months and, with a 90% probability hold a price between $37.38 and $40.06 at the end of this 3-month period.
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BNO Signals & Forecast
The USCommodity Brent Oil Fund LP 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 $32.71. On a fall, the ETF will find some support from the long-term average at approximately $31.70. 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. 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 -4.07%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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 is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.345 (1.08%) between high and low. For the last week, the ETF has had daily average volatility of 1.57%.
Our recommended stop-loss: $30.51 (-4.85%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (BNO) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect USCommodity Brent Oil Fund LP ETF to open at $32.12, and during the day (based on 14 day Average True Range), to move between $31.54 and $32.60, which gives a possible trading interval of +/-$0.531 (+/-1.66%) 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 3.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $32.16 (0.28%) than the support at $29.93 (6.67%), 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: 2.251 Buy Candidate Unchanged
Predicted Opening Price for USCommodity Brent Oil Fund LP ETF of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $32.12 ( 0.161%) | $32.07 |
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 | 32.47 | 1.24 % | |
| R2 | 32.33 | 0.83 % | ||
| R1 | 32.25 | 0.572 % | ||
| Current price: | 32.07 | |||
| Support | S1 | 31.99 | -0.250 % | |
| S2 | 31.91 | -0.504 % | ||
| S3 | 31.78 | -0.91 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 33.31 | 3.87 % | |
| R2 | 33.23 | 3.62 % | ||
| R1 | 32.16 | 0.281 % | ||
| Current price | 32.07 | |||
| Support | S1 | 29.93 | -6.67% | |
| S2 | 29.36 | -8.45% | ||
| S3 | 28.24 | -11.94% |
FAQ
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