USCommodity Gasoline Fund LP ETF Forecast
Stronger technical forecast for USCommodity Gasoline Fund LP ETF price after Thursday trading.
(Updated on Mar 28, 2024)
The USCommodity Gasoline Fund LP ETF price gained 1.49% on the last trading day (Thursday, 28th Mar 2024), rising from $69.89 to $70.93. During the last trading day the ETF fluctuated 1.56% from a day low at $70.03 to a day high of $71.12. The price has risen in 6 of the last 10 days and is up by 1.38% over the past 2 weeks. Volume fell on the last day by -22 thousand shares and in total, 15 thousand shares were bought and sold for approximately $1.08 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 middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 16.66% during the next 3 months and, with a 90% probability hold a price between $78.85 and $85.11 at the end of this 3-month period.
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UGA Signals & Forecast
The USCommodity Gasoline Fund LP ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, 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 $70.68 and $67.91. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, March 19, 2024, and so far it has fallen -1.16%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for USCommodity Gasoline Fund LP ETF
USCommodity Gasoline Fund LP finds support from accumulated volume at $67.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $1.09 between high and low, or 1.56%. For the last week the ETF has had daily average volatility of 1.09%.
Our recommended stop-loss: $68.60 (-3.28%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (UGA) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect USCommodity Gasoline Fund LP ETF to open at $70.69, and during the day (based on 14 day Average True Range), to move between $69.77 and $72.09, which gives a possible trading interval of +/-$1.16 (+/-1.64%) up or down from last closing price. If USCommodity Gasoline Fund LP ETF takes out the full calculated possible swing range there will be an estimated 3.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $71.05 (0.17%) than the support at $67.75 (4.48%), 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 Gasoline 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 Gasoline Fund LP ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.968 Buy Candidate Upgraded
Predicted Opening Price for USCommodity Gasoline Fund LP ETF of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$70.69 ( 0.333%) | $70.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UGA
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 71.78 | 1.20 % | |
R2 | 71.37 | 0.617 % | ||
R1 | 71.11 | 0.254 % | ||
Current price: | 70.93 | |||
Support | S1 | 70.28 | -0.92 % | |
S2 | 70.02 | -1.28 % | ||
S3 | 69.60 | -1.87 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 71.36 | 0.606 % | |
R2 | 71.26 | 0.465 % | ||
R1 | 71.05 | 0.169 % | ||
Current price | 70.93 | |||
Support | S1 | 67.75 | -4.48% | |
S2 | 67.03 | -5.50% | ||
S3 | 62.70 | -11.60% |
FAQ
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