USCommodity Gasoline Fund LP ETF Forecast
Green day on Thursday for USCommodity Gasoline Fund LP ETF after gaining 1.14%
(Updated on Apr 25, 2024)
The USCommodity Gasoline Fund LP ETF price gained 1.14% on the last trading day (Thursday, 25th Apr 2024), rising from $71.72 to $72.54. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.98% from a day low at $71.22 to a day high of $72.63. The price has risen in 6 of the last 10 days but is still down by -0.4% for this period. Volume fell on the last day by -25 thousand shares and in total, 17 thousand shares were bought and sold for approximately $1.27 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 strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 14.64% during the next 3 months and, with a 90% probability hold a price between $80.12 and $85.80 at the end of this 3-month period.
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UGA Signals & Forecast
There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -1.65%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. The USCommodity Gasoline Fund LP 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 $71.39 and $70.95. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for USCommodity Gasoline Fund LP ETF
USCommodity Gasoline Fund LP finds support from accumulated volume at $71.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.41 between high and low, or 1.98%. For the last week the ETF has had daily average volatility of 1.61%
Our recommended stop-loss: $69.67 (-3.95%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (UGA) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect USCommodity Gasoline Fund LP ETF to open at $72.13, and during the day (based on 14 day Average True Range), to move between $71.28 and $73.80, which gives a possible trading interval of +/-$1.26 (+/-1.74%) up or down from last closing price. If USCommodity Gasoline Fund LP ETF takes out the full calculated possible swing range there will be an estimated 3.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $72.96 (0.58%) than the support at $71.45 (1.50%), 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 USCommodity Gasoline Fund LP ETF ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for USCommodity Gasoline Fund LP ETF to perform well in the short-term.
Current score: 3.050 Buy Candidate Unchanged
Predicted Opening Price for USCommodity Gasoline Fund LP ETF of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $72.13 ( 0.565%) | $72.54 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UGA
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 73.54 | 1.38 % | |
| R2 | 73.00 | 0.636 % | ||
| R1 | 72.67 | 0.177 % | ||
| Current price: | 72.54 | |||
| Support | S1 | 71.59 | -1.31 % | |
| S2 | 71.26 | -1.77 % | ||
| S3 | 70.72 | -2.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 73.76 | 1.68 % | |
| R2 | 73.04 | 0.689 % | ||
| R1 | 72.96 | 0.579 % | ||
| Current price | 72.54 | |||
| Support | S1 | 71.45 | -1.50% | |
| S2 | 67.75 | -6.60% | ||
| S3 | 62.70 | -13.56% |
FAQ
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