Chinaamc Direxion Nasdaq-100 Daily (-2x) ETF Forecast
Red day on Wednesday for Chinaamc Direxion Nasdaq-100 Daily (-2x)
(Updated on Jun 26, 2024)
The Chinaamc Direxion Nasdaq-100 Daily (-2x) ETF price fell by -3.15% on the last day (Wednesday, 26th Jun 2024) from HK$0.89 to HK$0.86. During the last trading day the ETF fluctuated 0.81% from a day low at HK$0.86 to a day high of HK$0.87. The price has fallen in 6 of the last 10 days and is down by -5.69% for this period. Volume has increased on the last day by 693 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, 6 million shares were bought and sold for approximately HK$5.51 million.
The ETF lies in the middle of a 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 -17.27% during the next 3 months and, with a 90% probability hold a price between HK$0.683 and HK$0.82 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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7522.HK Signals & Forecast
There are mixed signals in the ETF today. The Chinaamc Direxion Nasdaq-100 Daily (-2x) 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 HK$0.94. On a fall, the ETF will find some support from the short-term average at HK$0.86. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 2.62%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Chinaamc Direxion Nasdaq-100 Daily (-2x) ETF
Chinaamc Direxion Nasdaq-100 Daily (-2x) finds support from accumulated volume at HK$0.85 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 HK$0.0070 between high and low, or 0.81%. For the last week, the ETF has had daily average volatility of 1.09%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (7522.HK) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Chinaamc Direxion Nasdaq-100 Daily (-2x) Inverse Product to open at HK$0.86, and during the day (based on 14 day Average True Range), to move between HK$0.84 and HK$0.88, which gives a possible trading interval of +/-HK$0.0178 (+/-2.07%) up or down from last closing price. If Chinaamc Direxion Nasdaq-100 Daily (-2x) Inverse Product takes out the full calculated possible swing range there will be an estimated 4.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$0.85 (1.16%) than the resistance at HK$1.02 (18.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Chinaamc Direxion Nasdaq-100 Daily (-2x) Inverse Product ETF A Buy?
Chinaamc Direxion Nasdaq-100 Daily (-2x) 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.
Current score: -2.235 Sell Candidate Unchanged
Predicted Opening Price for Chinaamc Direxion Nasdaq-100 Daily (-2x) Inverse Product of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| HK$0.86 ( 0.271%) | HK$0.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 7522.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.87 | 1.08% |
| R2 | 0.87 | 0.773% |
| R1 | 0.87 | 0.581% |
| Price | 0.86 | |
| S1 | 0.86 | -0.0395% |
| S2 | 0.86 | -0.231% |
| S3 | 0.86 | -0.541% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.07 | 24.13% |
| R2 | 1.03 | 19.49% |
| R1 | 1.02 | 18.33% |
| Price | 0.86 | |
| S1 | 0.85 | -1.16% |
| S2 | 0.85 | -1.51% |
| S3 | 0.84 | -2.55% |
FAQ
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