Chinaamc Direxion Nasdaq-100 Daily (-2x) ETF Forecast
Chinaamc Direxion Nasdaq-100 Daily (-2x) ETF price down 1.38% on Friday
(Updated on Jun 28, 2024)
The Chinaamc Direxion Nasdaq-100 Daily (-2x) ETF price fell by -1.38% on the last day (Friday, 28th Jun 2024) from HK$0.87 to HK$0.86. During the last trading day the ETF fluctuated 0.350% from a day low at HK$0.86 to a day high of HK$0.86. The price has fallen in 6 of the last 10 days and is down by -2.05% 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 -8 million shares and in total, 5 million shares were bought and sold for approximately HK$4.12 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 -19.14% during the next 3 months and, with a 90% probability hold a price between HK$0.661 and HK$0.778 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
A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 2.26%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Chinaamc Direxion Nasdaq-100 Daily (-2x) 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 HK$0.86 and HK$0.93. A break-up above any of these levels will issue buy signals. 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 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$0.0030 between high and low, or 0.350%. For the last week, the ETF has had daily average volatility of 0.645%.
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 Tuesday 2nd
For the upcoming trading day on Tuesday, 2nd 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$0.0174 (+/-2.03%) 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 4.05% 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 (0.81%) than the resistance at HK$1.02 (18.74%), 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 is within a 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: -2.189 Sell Candidate Unchanged
Predicted Opening Price for Chinaamc Direxion Nasdaq-100 Daily (-2x) Inverse Product of Tuesday, July 2, 2024
| Fair opening price July 2, 2024 | Current price |
|---|---|
| HK$0.86 ( 0.116%) | 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 | 0.86 | 0.233% |
| R2 | 0.86 | 0.0994% |
| R1 | 0.86 | 0.0170% |
| Price | 0.86 | |
| S1 | 0.86 | -0.250% |
| S2 | 0.86 | -0.332% |
| S3 | 0.86 | -0.466% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.07 | 24.56% |
| R2 | 1.03 | 19.91% |
| R1 | 1.02 | 18.74% |
| Price | 0.86 | |
| S1 | 0.85 | -0.81% |
| S2 | 0.85 | -1.16% |
| S3 | 0.84 | -2.21% |
FAQ
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