USCommodity Gasoline Fund LP ETF Forecast and Stock Analysis
Technical UGA stock analysis for February 15, 2019.
|Shorts||1.34% ( 2013-01-15 )|
USCommodity Gasoline Fund LP ETF gained 6.53% in the last trading day, rising from $25.41 to $27.07 The price has risen in 6 of the last 10 days and is up by 9.15% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 105 057 more shares were traded than the day before. In total, 105 057 shares bought and sold for approximately $2.84 million.
Close price at the end of the last trading day (Friday, 15th Feb 2019) of the UGA stock was $27.07. This is 6.53% more than the trading day before Thursday, 14th Feb 2019.
During day the stock fluctuated 2.07% from a day low at $26.53 to a day high of $27.08.
30 day high of the UGA stock price was $27.08 and low was $23.25.
90 day high was $27.55 and low was $22.05.
52 week high for the USCommodity Gasoline Fund LP ETF - $37.15 and low - $22.05.
USCommodity Gasoline Fund LP ETF has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $25.67 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $29.41 sometime during the next 3 months.
USCommodity Gasoline Fund LP ETF holds buy signals from both short- and long-term moving averages. In addition, 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 $25.28 and $24.40. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday February 11, 2019, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
The stock holds a RSI14 at 77 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $24.96 and $24.05.
There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, USCommodity Gasoline Fund LP ETF finds support just below today's level at $24.96. If this is broken, then the next support from accumulated volume will be at $24.05 and $23.45.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.55 (2.07%) between high and low. For the last week, the stock has had a daily average volatility of 1.66%.
The stock is extremely overbought on RSI14 (77). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stoploss: $26.07 (-3.70%) (This stock has low daily movements and this gives low risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from pivot bottom found 4 days ago.)
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USCommodity Gasoline Fund LP ETF holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development.