A very strong day for Direxion Dly S&P Oil&Gs Ex&Prd Bl 3X ETF price on FridayStockInvest.us, 1 month ago
The Direxion Dly S&P Oil&Gs Ex&Prd Bl 3X ETF price gained 7.95% on the last trading day (Friday, 27th May 2022), rising from $202.73 to $218.84. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the ETF fluctuated 9.91% from a day low at $199.20 to a day high of $218.93. The price has risen in 8 of the last 10 days and is up by 36.86% over the past 2 weeks. Volume fell on the last day by -37 thousand shares and in total, 815 thousand shares were bought and sold for approximately $178.37 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 has broken the very wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $213.12, a level that may pose a second chance to hit a runner. According to fan-theory $272.27 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
The Direxion Dly S&P Oil&Gs Ex&Prd Bl 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 $186.88 and $173.38. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 09, 2022, and so far it has risen 50.51%. 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.
On the downside, the ETF finds support just below today's level from accumulated volume at $187.31 and $170.34.There is natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Direxion Dly S&P Oil&Gs Ex&Prd Bl 3X finds support just below today's level at $187.31. If this is broken, then the next support from accumulated volume will be at $170.34 and $169.19.
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 $19.73 between high and low, or 9.91%. For the last week, the ETF has had a daily average volatility of 7.61%.
The Direxion Dly S&P Oil&Gs Ex&Prd Bl 3X ETF is extremely overbought on RSI14 (86). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.
Direxion Dly S&P Oil&Gs Ex&Prd Bl 3X 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.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 Hold/Accumulate candidate.Check full Direxion Dly S&P Oil&Gs Ex&Prd Bl 3X ETF forecast and analysis here.