Direxion Daily AMZN Bull 2X Shares ETF Forecast
Green day on Friday for Direxion Daily AMZN Bull 2X Shares
(Updated on May 03, 2024)
The Direxion Daily AMZN Bull 2X Shares ETF price gained 1.51% on the last trading day (Friday, 3rd May 2024), rising from $35.09 to $35.62. It has now gained 3 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 last trading day the ETF fluctuated 2.52% from a day low at $35.34 to a day high of $36.23. The price has risen in 7 of the last 10 days and is up by 12.61% over the past 2 weeks. Volume fell on the last day by -148 thousand shares and in total, 345 thousand shares were bought and sold for approximately $12.28 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 lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 6.79% during the next 3 months and, with a 90% probability hold a price between $33.59 and $40.40 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
AMZU Signals & Forecast
The Direxion Daily AMZN Bull 2X Shares ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $33.41 and $33.99. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 14.09%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Direxion Daily AMZN Bull 2X Shares ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $33.81 and $32.90. There is a 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 Daily AMZN Bull 2X Shares finds support just below today's level at $33.81. If this is broken, then the next support from accumulated volume will be at $32.90 and $31.86.
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 $0.89 between high and low, or 2.52%. For the last week, the ETF has had daily average volatility of 6.05%.
Our recommended stop-loss: $34.39 (-3.46%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (AMZU) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Direxion Daily AMZN Bull 2X Shares to open at $35.73, and during the day (based on 14 day Average True Range), to move between $33.85 and $37.39, which gives a possible trading interval of +/-$1.77 (+/-4.98%) up or down from last closing price. If Direxion Daily AMZN Bull 2X Shares takes out the full calculated possible swing range there will be an estimated 9.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $35.74 (0.34%) than the support at $33.81 (5.08%), 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 AMZN Bull 2X Shares ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Direxion Daily AMZN Bull 2X Shares ETF to perform well in the short-term.
Current score: 2.545 Buy Candidate Unchanged
Predicted Opening Price for Direxion Daily AMZN Bull 2X Shares of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $35.73 ( 0.299%) | $35.62 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMZU
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.62 | 2.80 % | |
| R2 | 36.28 | 1.84 % | ||
| R1 | 36.07 | 1.25 % | ||
| Current price: | 35.62 | |||
| Support | S1 | 35.39 | -0.655 % | |
| S2 | 35.18 | -1.24 % | ||
| S3 | 34.84 | -2.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 37.21 | 4.46 % | |
| R2 | 36.06 | 1.24 % | ||
| R1 | 35.74 | 0.337 % | ||
| Current price | 35.62 | |||
| Support | S1 | 33.81 | -5.08% | |
| S2 | 32.90 | -7.64% | ||
| S3 | 31.86 | -10.56% |
AMZU Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.212 | 0.628% |
| 2 | Dec 20, 2023 | Dec 21, 2023 | Dec 29, 2023 | $0.214 | 0.786% |
| 3 | Dec 07, 2023 | Dec 08, 2023 | Dec 14, 2023 | $0.343 | 1.30% |
| 4 | Sep 18, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.162 | 0.754% |
| 5 | Jun 20, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.124 | 0.537% |
FAQ
Click here for our free guide on how to buy Direxion Daily AMZN Bull 2X Shares ETF.
