ProShares UltraShort Silver ETF Forecast
Green day on Friday for ProShares UltraShort Silver ETF after gaining 1.47%
(Updated on Apr 26, 2024)
The ProShares UltraShort Silver ETF price gained 1.47% on the last trading day (Friday, 26th Apr 2024), rising from $13.58 to $13.78. During the last trading day the ETF fluctuated 3.79% from a day low at $13.42 to a day high of $13.93. The price has fallen in 5 of the last 10 days but is still up by 5.35% over the past 2 weeks. Volume fell on the last day by -223 thousand shares and in total, 1 million shares were bought and sold for approximately $17.98 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -37.72% during the next 3 months and, with a 90% probability hold a price between $6.87 and $9.11 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ZSL Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 11.85%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. 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 $14.95. On a fall, the ETF will find some support from the short-term average at $13.41. 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.
Support, Risk & Stop-loss for ProShares UltraShort Silver ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $13.08 and $12.90. 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 Silver finds support just below today's level at $13.08. If this is broken, then the next support from accumulated volume will be at $12.90 and $12.84.
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 $0.508 between high and low, or 3.79%. For the last week, the ETF has had daily average volatility of 3.01%.
Our recommended stop-loss: $13.31 (-3.40%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (ZSL) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect ProShares UltraShort Silver ETF to open at $13.71, and during the day (based on 14 day Average True Range), to move between $13.09 and $14.47, which gives a possible trading interval of +/-$0.691 (+/-5.01%) 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 10.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $14.01 (1.67%) than the support at $13.08 (5.08%), 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.
Current score: -0.162 Hold/Accumulate Unchanged
Predicted Opening Price for ProShares UltraShort Silver ETF of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $13.71 ( 0.504%) | $13.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZSL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 14.22 | 3.18 % | |
| R2 | 14.02 | 1.78 % | ||
| R1 | 13.90 | 0.91 % | ||
| Current price: | 13.78 | |||
| Support | S1 | 13.52 | -1.91 % | |
| S2 | 13.40 | -2.78 % | ||
| S3 | 13.20 | -4.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 15.18 | 10.16 % | |
| R2 | 14.27 | 3.56 % | ||
| R1 | 14.01 | 1.67 % | ||
| Current price | 13.78 | |||
| Support | S1 | 13.08 | -5.08% | |
| S2 | 12.90 | -6.39% | ||
| S3 | 12.84 | -6.82% |
FAQ
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