RNRG Global X Renewable Energy Producers ETF Forecast, Technical & Fundamental Analysis
RNRG's Indicator enters downward trend
The Aroon Indicator for RNRG entered a downward trend on September 27, 2023. Tickeron's A.I.dvisor identified a pattern where the AroonDown red line was above 70 while the AroonUp green line was below 30 for three straight days. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options. A.I.dvisor looked at 190 similar instances where the Aroon Indicator formed such a pattern. In of the 190 cases the stock moved lower. This puts the odds of a downward move at .
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on September 21, 2023. You may want to consider selling the stock, shorting the stock, or exploring put options on RNRG as a result. In of 68 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for RNRG turned negative on September 25, 2023. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 41 similar instances when the indicator turned negative. In of the 41 cases the stock turned lower in the days that followed. This puts the odds of success at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where RNRG declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
Bullish Trend Analysis
The RSI Indicator demonstrates that the ticker has stayed in the oversold zone for 1 day, which means it's wise to expect a price bounce in the near future.
The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 3 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where RNRG advanced for three days, in of 305 cases, the price rose further within the following month. The odds of a continued upward trend are .
RNRG may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Fundamental Analysis (Ratings)
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
General Information
Category Utilities
| 1 Day | |||
|---|---|---|---|
| MFs / NAME | Price $ | Chg $ | Chg % |
| MFLLX | 10.42 | 0.21 | +2.06% |
| Morgan Stanley Inst Inception R6 | |||
| MEFYX | 17.31 | 0.09 | +0.52% |
| MassMutual Mid Cap Growth Svc | |||
| TGVYX | 38.48 | 0.12 | +0.31% |
| Touchstone Growth Opportunities Y | |||
| PMDAX | 15.34 | 0.02 | +0.13% |
| Principal Small-MidCap Dividend Inc A | |||
| SGHIX | 9.96 | -0.02 | -0.20% |
| Sextant Global High Income | |||
RNRG and
Correlation & Price change
A.I.dvisor indicates that over the last year, RNRG has been closely correlated with UTG. These tickers have moved in lockstep 69% of the time. This A.I.-generated data suggests there is a high statistical probability that if RNRG jumps, then UTG could also see price increases.
| Ticker / NAME | Correlation To RNRG | 1D Price Change % | ||
|---|---|---|---|---|
| RNRG | 100% | -2.52% | ||
| UTG - RNRG | 69% Closely correlated | -1.28% | ||
| VPU - RNRG | 64% Loosely correlated | -1.91% | ||
| FUTY - RNRG | 63% Loosely correlated | -1.85% | ||
| XLU - RNRG | 62% Loosely correlated | -1.92% | ||
| DNP - RNRG | 47% Loosely correlated | -0.20% |