Direxion Daily India Bull 3X ETF Forecast

Direxion Daily India Bull 3X ETF price ended at $62.48 on Wednesday, after losing 0%.
(Updated on Apr 24, 2024)

INDL Signals & Forecast

The Direxion Daily India Bull 3X ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $61.27 and $61.45. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -1.85%. 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".

Support, Risk & Stop-loss for Direxion Daily India Bull 3X ETF

Direxion Daily India Bull 3X finds support from accumulated volume at $61.74 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 $0.370 between high and low, or 0.595%. For the last week the ETF has had daily average volatility of 0.89%

Our recommended stop-loss: $59.82 (-4.25%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 11 days ago.)

Trading Expectations (INDL) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Direxion Daily India Bull 3X ETF to open at $62.38, and during the day (based on 14 day Average True Range), to move between $61.58 and $63.38, which gives a possible trading interval of +/-$0.90 (+/-1.44%) up or down from last closing price. If Direxion Daily India Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 2.88% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $62.85 (0.59%) than the support at $61.74 (1.18%), 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 Direxion Daily India Bull 3X ETF ETF A Buy?

Direxion Daily India Bull 3X 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: -0.606 Hold/Accumulate Unchanged

Predicted Opening Price for Direxion Daily India Bull 3X ETF of Thursday, April 25, 2024

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