ProShares UltraShort Yen ETF Forecast

Green day on Thursday for ProShares UltraShort Yen ETF after gaining 0.708%
(Updated on Apr 25, 2024)

YCS Signals & Forecast

The ProShares UltraShort Yen 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 $86.49 and $82.38. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 11, 2024, and so far it has risen 14.22%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

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

On the downside, the ETF finds support just below today's level from accumulated volume at $81.79 and $81.77. 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, ProShares UltraShort Yen finds support just below today's level at $81.79. If this is broken, then the next support from accumulated volume will be at $81.77 and $75.81.

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 $0.340 (0.389%) between high and low. For the last week, the ETF has had daily average volatility of 0.322%.

The ProShares UltraShort Yen ETF is extremely overbought on RSI14 (92). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.

Our recommended stop-loss: $84.86 (-3.16%) (This ETF has low daily movements and this gives low risk. The RSI14 is 92 and this increases the risk substantially. There is a buy signal from a pivot bottom found 32 days ago.)

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

For the upcoming trading day on Friday, 26th we expect ProShares UltraShort Yen ETF to open at $87.54, and during the day (based on 14 day Average True Range), to move between $87.05 and $88.20, which gives a possible trading interval of +/-$0.577 (+/-0.66%) up or down from last closing price. If ProShares UltraShort Yen ETF takes out the full calculated possible swing range there will be an estimated 1.32% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $81.79, some $5.84 (6.66%) from the current price of $87.63, our system finds the risk reward attractive.

Is ProShares UltraShort Yen ETF ETF A Buy?

ProShares UltraShort Yen holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

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

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