Direxion Daily CSI 300 China A Share ETF Forecast

Direxion Daily CSI 300 China A Share ETF price down 0.778% on Friday
(Updated on Apr 19, 2024)

CHAU Signals & Forecast

There are mixed signals in the ETF today. The Direxion Daily CSI 300 China A Share 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 $14.17. On a fall, the ETF will find some support from the short-term average at $13.80. 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. A sell signal was issued from a pivot top point on Monday, March 11, 2024, and so far it has fallen -5.97%. Further fall is indicated until a new bottom pivot has been found. Direxion Daily CSI 300 China A Share gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Direxion Daily CSI 300 China A Share ETF

Direxion Daily CSI 300 China A Share finds support from accumulated volume at $13.92 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.1000 (0.718%) between high and low. For the last week, the ETF has had daily average volatility of 0.89%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (CHAU) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Direxion Daily CSI 300 China A Share Bull 2X Shares to open at $13.99, and during the day (based on 14 day Average True Range), to move between $13.72 and $14.32, which gives a possible trading interval of +/-$0.299 (+/-2.13%) up or down from last closing price. If Direxion Daily CSI 300 China A Share Bull 2X Shares takes out the full calculated possible swing range there will be an estimated 4.27% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $13.92 (0.71%) than the resistance at $14.32 (2.14%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Direxion Daily CSI 300 China A Share Bull 2X Shares ETF A Buy?

Direxion Daily CSI 300 China A Share 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: -4.984 Sell Candidate Unchanged

Predicted Opening Price for Direxion Daily CSI 300 China A Share Bull 2X Shares of Monday, April 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.