ProShares UltraShort Real Estate ETF Forecast

Green day on Thursday for ProShares UltraShort Real Estate ETF after gaining 1.12%
(Updated on Apr 25, 2024)

SRS Signals & Forecast

The ProShares UltraShort Real Estate 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 $17.42. On a fall, the ETF will find some support from the long-term average at approximately $15.76. 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). ProShares UltraShort Real Estate has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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, April 17, 2024, and so far it has fallen -3.54%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for ProShares UltraShort Real Estate ETF

ProShares UltraShort Real Estate finds support from accumulated volume at $16.33 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.400 between high and low, or 2.34%. For the last week, the ETF has had daily average volatility of 2.25%.

Our recommended stop-loss: $16.38 (-4.63%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 6 days ago.)

Trading Expectations (SRS) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect ProShares UltraShort Real Estate to open at $17.28, and during the day (based on 14 day Average True Range), to move between $16.71 and $17.65, which gives a possible trading interval of +/-$0.473 (+/-2.76%) up or down from last closing price. If ProShares UltraShort Real Estate takes out the full calculated possible swing range there will be an estimated 5.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $17.50 (1.86%) than the support at $16.33 (4.95%), 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 Real Estate ETF A Buy?

ProShares UltraShort Real Estate holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.978 Hold/Accumulate Unchanged

Predicted Opening Price for ProShares UltraShort Real Estate of Friday, April 26, 2024

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