Direxion Daily S&P Biotech Bear 3X ETF Forecast
Evaluation of Direxion Daily S&P Biotech Bear 3X ETF downgraded after the last trading session.
(Updated on Apr 22, 2024)
The Direxion Daily S&P Biotech Bear 3X ETF price fell by -3.80% on the last day (Monday, 22nd Apr 2024) from $10.80 to $10.39. During the last trading day the ETF fluctuated 9.04% from a day low at $10.03 to a day high of $10.94. The price has risen in 7 of the last 10 days and is up by 23.99% over the past 2 weeks. 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 -5 million shares and in total, 9 million shares were bought and sold for approximately $98.32 million.
The ETF lies the upper part of a very 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 $10.79 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 -4.45% during the next 3 months and, with a 90% probability hold a price between $5.34 and $10.31 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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LABD Signals & Forecast
The Direxion Daily S&P Biotech Bear 3X 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 $10.01 and $8.00. 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). 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 Friday, April 19, 2024, and so far it has fallen -3.80%. Further fall is indicated until a new bottom pivot has been found. 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 S&P Biotech Bear 3X ETF
Direxion Daily S&P Biotech Bear 3X finds support from accumulated volume at $9.90 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $0.91 between high and low, or 9.04%. For the last week, the ETF has had daily average volatility of 7.45%.
Our recommended stop-loss: $9.87 (-5.02%) (This ETF has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (LABD) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Direxion Daily S&P Biotech Bear 3X ETF to open at $10.45, and during the day (based on 14 day Average True Range), to move between $9.71 and $11.07, which gives a possible trading interval of +/-$0.685 (+/-6.59%) up or down from last closing price. If Direxion Daily S&P Biotech Bear 3X ETF takes out the full calculated possible swing range there will be an estimated 13.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $10.52 (1.25%) than the support at $9.90 (4.72%), 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 S&P Biotech Bear 3X ETF ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.711 Buy Candidate Downgraded
Predicted Opening Price for Direxion Daily S&P Biotech Bear 3X ETF of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $10.45 ( 0.598%) | $10.39 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for LABD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.36 | 9.32 % | |
| R2 | 11.01 | 5.99 % | ||
| R1 | 10.80 | 3.93 % | ||
| Current price: | 10.39 | |||
| Support | S1 | 10.11 | -2.73 % | |
| S2 | 9.89 | -4.79 % | ||
| S3 | 9.55 | -8.13 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 10.80 | 3.95 % | ||
| R1 | 10.52 | 1.25 % | ||
| Current price | 10.39 | |||
| Support | S1 | 9.90 | -4.72% | |
| S2 | 9.77 | -5.97% | ||
| S3 | 9.47 | -8.85% |
LABD Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0664 | 0.85% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0850 | 0.742% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.192 | 0.94% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.100 | 0.714% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.218 | 0.99% |
FAQ
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