ProShares Short VIX Short-Term Futures ETF Forecast
Stronger technical forecast for ProShares Short VIX Short-Term Futures ETF price after Tuesday trading.
(Updated on Apr 16, 2024)
The ProShares Short VIX Short-Term Futures ETF price gained 1.51% on the last trading day (Tuesday, 16th Apr 2024), rising from $51.41 to $52.18. During the last trading day the ETF fluctuated 2.69% from a day low at $51.21 to a day high of $52.59. The price has fallen in 6 of the last 10 days and is down by -52.88% for this period. Volume fell on the last day by -365 thousand shares and in total, 2 million shares were bought and sold for approximately $97.69 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $51.17 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the ETF is expected to fall -11.42% during the next 3 months and, with a 90% probability hold a price between $45.33 and $98.10 at the end of this 3-month period.
SVXY Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 1.51%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ProShares Short VIX Short-Term Futures 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 $77.15 and $103.57. 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).
Support, Risk & Stop-loss for ProShares Short VIX Short-Term Futures ETF
ProShares Short VIX Short-Term Futures finds support from accumulated volume at $51.41 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $1.38 between high and low, or 2.69%. For the last week, the ETF has had daily average volatility of 3.67%.
ProShares Short VIX Short-Term Futures is oversold on RSI14 (7). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SVXY) For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday, 17th we expect ProShares Short VIX Short-Term Futures ETF to open at $51.99, and during the day (based on 14 day Average True Range), to move between $46.76 and $57.60, which gives a possible trading interval of +/-$5.42 (+/-10.39%) up or down from last closing price. If ProShares Short VIX Short-Term Futures ETF takes out the full calculated possible swing range there will be an estimated 20.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $52.80 (1.18%) than the support at $51.41 (1.49%), 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 Short VIX Short-Term Futures ETF ETF A Buy?
ProShares Short VIX Short-Term Futures holds several negative signals and is within a very 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.433 Sell Candidate Upgraded
Predicted Opening Price for ProShares Short VIX Short-Term Futures ETF of Wednesday, April 17, 2024
Fair opening price April 17, 2024 | Current price |
---|---|
$51.99 ( 0.358%) | $52.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SVXY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 53.37 | 2.29 % | |
R2 | 52.85 | 1.28 % | ||
R1 | 52.52 | 0.653 % | ||
Current price: | 52.18 | |||
Support | S1 | 51.47 | -1.37 % | |
S2 | 51.14 | -1.99 % | ||
S3 | 50.61 | -3.00 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 55.11 | 5.62 % | ||
R1 | 52.80 | 1.18 % | ||
Current price | 52.18 | |||
Support | S1 | 51.41 | -1.49% | |
S2 | 0 | . | ||
S3 | 0 | . |
FAQ
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