Direxion Daily Real Estate Bull 3X ETF Forecast
Red day on Thursday for Direxion Daily Real Estate Bull 3X
(Updated on Apr 18, 2024)
The Direxion Daily Real Estate Bull 3X ETF price fell by -0.417% on the last day (Thursday, 18th Apr 2024) from $7.20 to $7.17. It has now fallen 5 days in a row. During the last trading day the ETF fluctuated 3.29% from a day low at $7.07 to a day high of $7.30. The price has fallen in 6 of the last 10 days and is down by -18.98% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -549 thousand shares and in total, 945 thousand shares were bought and sold for approximately $6.77 million.
The ETF has broken the very wide and falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point ($7.97) are considered to be a "second chance" to get out. According to the fan-theory $5.98 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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DRN Signals & Forecast
There are few to no technical positive signals at the moment. The Direxion Daily Real Estate Bull 3X ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $7.78 and $9.21. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -25.16%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Direxion Daily Real Estate Bull 3X ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
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 $0.232 between high and low, or 3.29%. For the last week, the ETF has had daily average volatility of 5.03%.
Direxion Daily Real Estate Bull 3X is oversold on RSI14 (18). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DRN) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Direxion Daily Real Estate Bull 3X ETF to open at $7.18, and during the day (based on 14 day Average True Range), to move between $6.73 and $7.61, which gives a possible trading interval of +/-$0.445 (+/-6.20%) up or down from last closing price. If Direxion Daily Real Estate Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 12.41% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $7.20, some $0.0300 (0.42%) from the current price of $7.17, our system finds the risk reward not very attractive.
Is Direxion Daily Real Estate Bull 3X ETF ETF A Buy?
Direxion Daily Real Estate Bull 3X holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -6.405 Strong Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily Real Estate Bull 3X ETF of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $7.18 ( 0.151%) | $7.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.41 | 3.39 % | |
| R2 | 7.32 | 2.15 % | ||
| R1 | 7.27 | 1.39 % | ||
| Current price: | 7.17 | |||
| Support | S1 | 7.09 | -1.09 % | |
| S2 | 7.04 | -1.85 % | ||
| S3 | 6.95 | -3.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.57 | 19.53 % | |
| R2 | 8.41 | 17.29 % | ||
| R1 | 7.20 | 0.418 % | ||
| Current price | 7.17 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
DRN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0412 | 0.457% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0700 | 0.682% |
| 3 | Feb 17, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0650 | 0.96% |
| 4 | Feb 17, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0730 | 0.797% |
| 5 | Feb 17, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0940 | 1.16% |
FAQ
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