ProShares Ultra Yen ETF Forecast

Red day on Thursday for ProShares Ultra Yen ETF after losing 0.272%
(Updated on Apr 25, 2024)

YCL Signals & Forecast

There are few to no technical positive signals at the moment. The ProShares Ultra Yen ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $22.20 and $23.28. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 08, 2024, and so far it has fallen -11.76%. 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 rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

Support, Risk & Stop-loss for ProShares Ultra Yen ETF

There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.

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 $0.0898 (0.409%) between high and low. For the last week, the ETF has had daily average volatility of 0.373%.

ProShares Ultra Yen is oversold on RSI14 (13). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (YCL) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect ProShares Ultra Yen ETF to open at $21.98, and during the day (based on 14 day Average True Range), to move between $21.81 and $22.15, which gives a possible trading interval of +/-$0.165 (+/-0.75%) up or down from last closing price. If ProShares Ultra Yen ETF takes out the full calculated possible swing range there will be an estimated 1.51% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $23.45, some $1.47 (6.69%) from the current price of $21.98, our system finds the risk reward not very attractive.

Is ProShares Ultra Yen ETF ETF A Buy?

ProShares Ultra Yen holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.

Current score: -5.262 Strong Sell Candidate Unchanged

Predicted Opening Price for ProShares Ultra Yen ETF of Friday, April 26, 2024

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