Direxion Daily Gold Miners Bull 2X ETF Forecast
Direxion Daily Gold Miners Bull 2X ETF price ended at $38.77 on Thursday, after gaining 0.99%.
(Updated on Apr 18, 2024)
The Direxion Daily Gold Miners Bull 2X ETF price gained 0.99% on the last trading day (Thursday, 18th Apr 2024), rising from $38.39 to $38.77. During the last trading day the ETF fluctuated 3.65% from a day low at $38.19 to a day high of $39.58. The price has been going up and down for this period, and there has been a 5.32% gain for the last 2 weeks. Volume fell on the last day by -941 thousand shares and in total, 2 million shares were bought and sold for approximately $70.78 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 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 47.60% during the next 3 months and, with a 90% probability hold a price between $45.64 and $61.40 at the end of this 3-month period.
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NUGT Signals & Forecast
The Direxion Daily Gold Miners Bull 2X 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 $38.69 and $33.46. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -4.32%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Direxion Daily Gold Miners Bull 2X ETF
Direxion Daily Gold Miners Bull 2X finds support from accumulated volume at $38.29 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 $1.40 between high and low, or 3.65%. For the last week, the ETF has had daily average volatility of 7.00%.
Our recommended stop-loss: $37.01 (-4.54%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (NUGT) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Direxion Daily Gold Miners Bull 2X ETF to open at $38.85, and during the day (based on 14 day Average True Range), to move between $36.69 and $40.85, which gives a possible trading interval of +/-$2.08 (+/-5.38%) up or down from last closing price. If Direxion Daily Gold Miners Bull 2X ETF takes out the full calculated possible swing range there will be an estimated 10.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $38.93 (0.41%) than the support at $38.29 (1.24%), 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 Gold Miners Bull 2X ETF ETF A Buy?
Direxion Daily Gold Miners Bull 2X 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: 0.142 Hold/Accumulate Unchanged
Predicted Opening Price for Direxion Daily Gold Miners Bull 2X ETF of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $38.85 ( 0.193%) | $38.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NUGT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.24 | 3.79 % | |
| R2 | 39.71 | 2.42 % | ||
| R1 | 39.38 | 1.57 % | ||
| Current price: | 38.77 | |||
| Support | S1 | 38.31 | -1.18 % | |
| S2 | 37.98 | -2.03 % | ||
| S3 | 37.45 | -3.40 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.52 | 4.51 % | |
| R2 | 39.25 | 1.24 % | ||
| R1 | 38.93 | 0.413 % | ||
| Current price | 38.77 | |||
| Support | S1 | 38.29 | -1.24% | |
| S2 | 30.63 | -21.00% | ||
| S3 | 30.01 | -22.59% |
NUGT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.198 | 0.648% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.329 | 0.92% |
| 3 | Feb 11, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.110 | 0.385% |
| 4 | Feb 11, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0870 | 0.264% |
| 5 | Feb 11, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0530 | 0.127% |
FAQ
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