ProShares Ultra Yen ETF Forecast
Weaker technical forecast for ProShares Ultra Yen as ETF downgraded to Sell Candidate.
(Updated on Apr 19, 2024)
The ProShares Ultra Yen ETF price fell by -0.179% on the last day (Friday, 19th Apr 2024) from $22.31 to $22.27. During the last trading day the ETF fluctuated 0.270% from a day low at $22.25 to a day high of $22.31. The price has fallen in 7 of the last 10 days and is down by -4.17% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -829 shares and in total, 28 thousand shares were bought and sold for approximately $627.68 thousand.
The ETF has broken the falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($22.38) are considered to be a "second chance" to get out. According to the fan-theory $20.92 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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YCL Signals & Forecast
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. 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 $22.45 and $23.49. 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 -10.60%. Further fall is indicated until a new bottom pivot has been found. 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.
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.
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 $0.0600 between high and low, or 0.270%. For the last week the ETF has had daily average volatility of 0.514%
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 Monday 22nd
For the upcoming trading day on Monday, 22nd we expect ProShares Ultra Yen ETF to open at $22.28, and during the day (based on 14 day Average True Range), to move between $22.08 and $22.46, which gives a possible trading interval of +/-$0.186 (+/-0.84%) 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 1.67% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $23.45, some $1.18 (5.30%) from the current price of $22.27, 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.889 Sell Candidate Downgraded
Predicted Opening Price for ProShares Ultra Yen ETF of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $22.28 ( 0.0299%) | $22.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for YCL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 22.34 | 0.299 % | |
| R2 | 22.31 | 0.196 % | ||
| R1 | 22.30 | 0.133 % | ||
| Current price: | 22.27 | |||
| Support | S1 | 22.25 | -0.0730 % | |
| S2 | 22.24 | -0.137 % | ||
| S3 | 22.22 | -0.239 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 24.56 | 10.28 % | |
| R2 | 23.58 | 5.88 % | ||
| R1 | 23.45 | 5.30 % | ||
| Current price | 22.27 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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