USCommodity 12 Month Oil ETF Forecast

Red day on Wednesday for USCommodity 12 Month Oil
(Updated on Apr 24, 2024)

USL Signals & Forecast

The USCommodity 12 Month Oil 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 $40.42 and $39.86. A breakdown below any of these levels will issue sell signals. 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 Wednesday, April 10, 2024, and so far it has fallen -2.32%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for USCommodity 12 Month Oil ETF

USCommodity 12 Month Oil finds support from accumulated volume at $38.96 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.0520 between high and low, or 0.129%. For the last week the ETF has had daily average volatility of 1.06%

Our recommended stop-loss: $38.57 (-4.72%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)

Trading Expectations (USL) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect USCommodity 12 Month Oil ETF to open at $40.47, and during the day (based on 14 day Average True Range), to move between $39.98 and $40.99, which gives a possible trading interval of +/-$0.502 (+/-1.24%) up or down from last closing price. If USCommodity 12 Month Oil ETF takes out the full calculated possible swing range there will be an estimated 2.48% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $41.37 (2.18%) than the support at $38.96 (3.77%), 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 12 Month Oil 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 12 Month Oil ETF to perform well in the short-term.

Current score: 2.774 Buy Candidate Unchanged

Predicted Opening Price for USCommodity 12 Month Oil ETF of Thursday, April 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.