Wheat ETF Forecast
Wheat ETF price up 1.59% on Wednesday
(Updated on Apr 24, 2024)
The Wheat ETF price gained 1.59% on the last trading day (Wednesday, 24th Apr 2024), rising from $5.66 to $5.75. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 3.03% from a day low at $5.61 to a day high of $5.78. The price has been going up and down for this period, and there has been a 6.68% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 29 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $6.30 million.
Given the current short-term trend, the ETF is expected to fall -4.59% during the next 3 months and, with a 90% probability hold a price between $4.67 and $5.49 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.
WEAT Signals & Forecast
The Wheat 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 $5.43 and $5.31. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 07, 2024, and so far it has risen 14.09%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Wheat ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $5.31 and $5.30. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Wheat finds support just below today's level at $5.31. If this is broken, then the next support from accumulated volume will be at $5.30 and $5.24.
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 $0.170 (3.03%) between high and low. For the last week, the ETF has had daily average volatility of 2.58%.
Our recommended stop-loss: $5.54 (-3.62%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 33 days ago.)
Trading Expectations (WEAT) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Teucrium Wheat ETF (WEAT) to open at $5.71, and during the day (based on 14 day Average True Range), to move between $5.62 and $5.88, which gives a possible trading interval of +/-$0.129 (+/-2.24%) up or down from last closing price. If Teucrium Wheat ETF (WEAT) takes out the full calculated possible swing range there will be an estimated 4.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $5.76 (0.17%) than the support at $5.31 (7.65%), 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 Teucrium Wheat ETF (WEAT) ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.
Current score: 2.399 Buy Candidate Unchanged
Predicted Opening Price for Teucrium Wheat ETF (WEAT) of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $5.71 ( 0.637%) | $5.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WEAT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.88 | 2.32 % | |
| R2 | 5.82 | 1.19 % | ||
| R1 | 5.78 | 0.492 % | ||
| Current price: | 5.75 | |||
| Support | S1 | 5.65 | -1.77 % | |
| S2 | 5.61 | -2.46 % | ||
| S3 | 5.54 | -3.59 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 5.82 | 1.22 % | ||
| R1 | 5.76 | 0.174 % | ||
| Current price | 5.75 | |||
| Support | S1 | 5.31 | -7.65% | |
| S2 | 5.30 | -7.83% | ||
| S3 | 5.24 | -8.87% |
FAQ
Click here for our free guide on how to buy Wheat ETF.
