ProShares UltraShort Silver ETF Forecast

ProShares UltraShort Silver ETF upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 25, 2024)

ZSL Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 10.23%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The ProShares UltraShort Silver ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $15.05. On a fall, the ETF will find some support from the short-term average at $13.28. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 UltraShort Silver ETF

ProShares UltraShort Silver finds support from accumulated volume at $13.08 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.445 between high and low, or 3.31%. For the last week, the ETF has had daily average volatility of 2.94%.

Our recommended stop-loss: $13.17 (-3.02%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 8 days ago.)

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

For the upcoming trading day on Friday, 26th we expect ProShares UltraShort Silver ETF to open at $13.63, and during the day (based on 14 day Average True Range), to move between $12.88 and $14.28, which gives a possible trading interval of +/-$0.705 (+/-5.19%) up or down from last closing price. If ProShares UltraShort Silver ETF takes out the full calculated possible swing range there will be an estimated 10.38% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $13.73 (1.10%) than the support at $13.08 (3.68%), 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 UltraShort Silver ETF ETF A Buy?

ProShares UltraShort Silver 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.872 Hold/Accumulate Upgraded

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

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