ProShares UltraPro Short NASDAQ ETF Forecast

ProShares UltraPro Short NASDAQ ETF price ended at $10.09 on Wednesday, after losing 0%.
(Updated on Apr 15, 2020)

ZBIO Signals & Forecast

There are few to no technical positive signals at the moment. The ProShares UltraPro Short NASDAQ 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 $10.09 and $10.68. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 14, 2020, and so far it has fallen 0%. 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 on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

Buy

Special Signal Notification

Double Bottom Formation

Support, Risk & Stop-loss for ProShares UltraPro Short NASDAQ ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $9.40 and $8.99. 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 UltraPro Short NASDAQ finds support just below today's level at $9.40. If this is broken, then the next support from accumulated volume will be at $8.99 and $8.36.

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 between high and low, or 0%. For the last week the ETF has had daily average volatility of 0%

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

Trading Expectations (ZBIO) For The Upcoming Trading Day Of Thursday 16th

For the upcoming trading day on Thursday, 16th we expect ProShares UltraPro Short NASDAQ Biotechnology to open at $10.09, and during the day (based on 14 day Average True Range), to move between $9.40 and $10.78, which gives a possible trading interval of +/-$0.695 (+/-6.89%) up or down from last closing price. If ProShares UltraPro Short NASDAQ Biotechnology takes out the full calculated possible swing range there will be an estimated 13.78% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $10.48 (3.86%) than the support at $9.40 (6.82%), 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 ProShares UltraPro Short NASDAQ Biotechnology ETF A Buy?

The ProShares UltraPro Short NASDAQ ETF holds several negative signals and despite the positive trend, we believe ProShares UltraPro Short NASDAQ will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.

Current score: -2.261 Sell Candidate Unchanged

Predicted Opening Price for ProShares UltraPro Short NASDAQ Biotechnology of Thursday, April 16, 2020

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