Direxion Daily FTSE China Bear 3X ETF Forecast
Direxion Daily FTSE China Bear 3X ETF upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 19, 2024)
The Direxion Daily FTSE China Bear 3X ETF price gained 0.777% on the last trading day (Friday, 19th Apr 2024), rising from $11.58 to $11.67. During the last trading day the ETF fluctuated 1.76% from a day low at $11.66 to a day high of $11.86. The price has been going up and down for this period, and there has been a 1.92% gain for the last 2 weeks. Volume fell on the last day by -239 thousand shares and in total, 3 million shares were bought and sold for approximately $37.00 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 -28.57% during the next 3 months and, with a 90% probability hold a price between $7.36 and $9.42 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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YANG Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 7.86%. 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 Direxion Daily FTSE China Bear 3X ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $11.74 and $11.74. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for Direxion Daily FTSE China Bear 3X ETF
Direxion Daily FTSE China Bear 3X finds support from accumulated volume at $11.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.205 between high and low, or 1.76%. For the last week, the ETF has had daily average volatility of 2.93%.
Our recommended stop-loss: $11.28 (-3.38%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (YANG) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Direxion Daily FTSE China Bear 3X ETF to open at $11.73, and during the day (based on 14 day Average True Range), to move between $11.13 and $12.21, which gives a possible trading interval of +/-$0.541 (+/-4.63%) up or down from last closing price. If Direxion Daily FTSE China Bear 3X ETF takes out the full calculated possible swing range there will be an estimated 9.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.55 (1.03%) than the resistance at $11.83 (1.37%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Direxion Daily FTSE China Bear 3X ETF ETF A Buy?
Direxion Daily FTSE China Bear 3X holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.880 Hold/Accumulate Upgraded
Predicted Opening Price for Direxion Daily FTSE China Bear 3X ETF of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $11.73 ( 0.500%) | $11.67 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for YANG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.93 | 2.26 % | |
| R2 | 11.85 | 1.58 % | ||
| R1 | 11.81 | 1.17 % | ||
| Current price: | 11.67 | |||
| Support | S1 | 11.65 | -0.171 % | |
| S2 | 11.60 | -0.586 % | ||
| S3 | 11.52 | -1.26 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.57 | 16.28 % | |
| R2 | 12.68 | 8.65 % | ||
| R1 | 11.83 | 1.37 % | ||
| Current price | 11.67 | |||
| Support | S1 | 11.55 | -1.03% | |
| S2 | 10.99 | -5.83% | ||
| S3 | 10.89 | -6.68% |
YANG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0956 | 0.80% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.140 | 1.04% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0900 | 0.81% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0800 | 0.748% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.158 | 1.66% |
FAQ
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