ProShares UltraShort Russell2000 ETF Forecast
Evaluation of ProShares UltraShort Russell2000 ETF downgraded after the last trading session.
(Updated on Mar 28, 2024)
The ProShares UltraShort Russell2000 ETF price fell by -0.758% on the last day (Thursday, 28th Mar 2024) from $10.56 to $10.48. During the last trading day the ETF fluctuated 1.84% from a day low at $10.34 to a day high of $10.53. The price has fallen in 7 of the last 10 days and is down by -9.03% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -816 thousand shares and in total, 2 million shares were bought and sold for approximately $18.56 million.
The ETF lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $10.31 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the ETF is expected to fall -13.80% during the next 3 months and, with a 90% probability hold a price between $8.89 and $10.03 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
TWM Signals & Forecast
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. The ProShares UltraShort Russell2000 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 $10.82 and $11.33. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, February 21, 2024, and so far it has fallen -12.08%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for ProShares UltraShort Russell2000 ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
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 $0.190 (1.84%) between high and low. For the last week, the ETF has had daily average volatility of 2.44%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TWM) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect ProShares UltraShort Russell2000 to open at $10.45, and during the day (based on 14 day Average True Range), to move between $10.14 and $10.82, which gives a possible trading interval of +/-$0.345 (+/-3.29%) up or down from last closing price. If ProShares UltraShort Russell2000 takes out the full calculated possible swing range there will be an estimated 6.58% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $10.96, some $0.480 (4.58%) from the current price of $10.48, our system finds the risk reward not very attractive.
Is ProShares UltraShort Russell2000 ETF A Buy?
ProShares UltraShort Russell2000 holds several negative signals and is within a 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.019 Strong Sell Candidate Downgraded
Predicted Opening Price for ProShares UltraShort Russell2000 of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$10.45 ( 0.286%) | $10.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TWM
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 10.64 | 1.53 % | |
R2 | 10.57 | 0.83 % | ||
R1 | 10.52 | 0.406 % | ||
Current price: | 10.48 | |||
Support | S1 | 10.38 | -0.98 % | |
S2 | 10.33 | -1.41 % | ||
S3 | 10.26 | -2.10 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.64 | 20.61 % | |
R2 | 11.13 | 6.20 % | ||
R1 | 10.96 | 4.58 % | ||
Current price | 10.48 | |||
Support | S1 | 0 | . | |
S2 | 0 | . | ||
S3 | 0 | . |
TWM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.0859 | 0.81% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.234 | 1.92% |
3 | Jan 06, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.127 | 0.81% |
4 | Jan 06, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.118 | 0.82% |
5 | Jan 06, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0710 | 0.442% |
FAQ
Click here for our free guide on how to buy ProShares UltraShort Russell2000 ETF.