Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF Forecast
Evaluation of Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF downgraded after the last trading session.
(Updated on Apr 19, 2024)
The Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF price fell by -1.88% on the last day (Friday, 19th Apr 2024) from $9.03 to $8.86. During the last trading day the ETF fluctuated 4.19% from a day low at $8.72 to a day high of $9.08. The price has risen in 7 of the last 10 days and is up by 10.34% over the past 2 weeks. Volume has increased on the last day by 189 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $16.75 million.
The ETF lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $8.95 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -34.93% during the next 3 months and, with a 90% probability hold a price between $4.72 and $5.83 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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DRIP Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 10.34%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $9.16. On a fall, the ETF will find some support from the short-term average at $8.65. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF
Direxion Dly S&P Oil&Gs Ex&Prd Br 3X finds support from accumulated volume at $8.50 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 $0.365 between high and low, or 4.19%. For the last week, the ETF has had daily average volatility of 4.21%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DRIP) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF to open at $8.89, and during the day (based on 14 day Average True Range), to move between $8.52 and $9.20, which gives a possible trading interval of +/-$0.338 (+/-3.81%) up or down from last closing price. If Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF takes out the full calculated possible swing range there will be an estimated 7.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.87 (0.11%) than the support at $8.50 (4.06%), 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 Dly S&P Oil&Gs Ex&Prd Br 3X ETF ETF A Buy?
Direxion Dly S&P Oil&Gs Ex&Prd Br 3X holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.698 Sell Candidate Downgraded
Predicted Opening Price for Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $8.89 ( 0.282%) | $8.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRIP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.25 | 4.40 % | |
| R2 | 9.11 | 2.83 % | ||
| R1 | 9.02 | 1.86 % | ||
| Current price: | 8.86 | |||
| Support | S1 | 8.75 | -1.29 % | |
| S2 | 8.66 | -2.26 % | ||
| S3 | 8.52 | -3.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.79 | 21.78 % | |
| R2 | 9.65 | 8.92 % | ||
| R1 | 8.87 | 0.113 % | ||
| Current price | 8.86 | |||
| Support | S1 | 8.50 | -4.06% | |
| S2 | 8.31 | -6.21% | ||
| S3 | 8.06 | -9.03% |
DRIP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.177 | 1.94% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0890 | 0.81% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0930 | 0.89% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.122 | 0.86% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.270 | 1.77% |
FAQ
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