VelocityShares 3x Long Natural Gas ETN Stock Analysis
Technical stock analysis for Wed 12'th Dec 2018
VelocityShares 3x Long Natural Gas ETN fell by -16.06% in the last day from $139.20 to $116.84 and has now fallen 4 days in a row. The price has fallen in 6 of the last 10 days and is down by -11.46% for this period. Volume has increased in the last day by 1.13 million shares, but on falling prices. This may be an early warning and the risk will be increased slightly for the next couple of days. In total, 3.11 million shares bought and sold for approximately $363.79 million.
VelocityShares 3x Long Natural Gas ETN has broken the very wide and strong rising short-term trend down. This signalize a slower rising rate, but may also be an early warning about a possible trend shift. Due to trend being broken there will now be resistance at the bottom line of the trend at $131.39. A reaction back to this level may hold a second chance to get out before further falls.
There are few to none technical positive signals at the moment. VelocityShares 3x Long Natural Gas ETN holds sales signals from both short- and long-term moving averages. On corrections up there will be some resistance from the lines at $141.86 and $129.42. A break-up above any of these levels will issue buy signals. A sales signal was issued from a pivot top point on Friday December 07, 2018, which indicates further falls until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Relative Strength Index (RSI)
RSI14 is 38 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $110.30 and $107.70.
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, VelocityShares 3x Long Natural Gas ETN finds support just below today's level at $110.30. If this is broken, then the next support from accumulated volume will be at $107.70 and $88.49.
This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $14.82 between high and low, or 12.88%. For the last week, the stock has had a daily average volatility of 11.38%.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
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The VelocityShares 3x Long Natural Gas ETN stock holds several negative signals and despite the positive trend we believe VelocityShares 3x Long Natural Gas ETN will perform weak in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Strong Sell Candidate.
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