Direxion Daily CSI 300 China A Share ETF Forecast
Direxion Daily CSI 300 China A Share ETF upgraded from Sell Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on May 01, 2024)
The Direxion Daily CSI 300 China A Share ETF price gained 0.209% on the last trading day (Wednesday, 1st May 2024), rising from $14.37 to $14.40. During the last trading day the ETF fluctuated 1.04% from a day low at $14.37 to a day high of $14.52. The price has risen in 6 of the last 10 days and is up by 2.42% over the past 2 weeks. Volume fell on the last day by -117 thousand shares and in total, 70 thousand shares were bought and sold for approximately $1.00 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 9.02% during the next 3 months and, with a 90% probability hold a price between $13.79 and $17.09 at the end of this 3-month period.
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CHAU Signals & Forecast
The Direxion Daily CSI 300 China A Share 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 $14.12 and $14.10. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, March 11, 2024, and so far it has fallen -3.42%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
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 $14.32 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the ETF. During the last day, the ETF moved $0.150 between high and low, or 1.04%. For the last week the ETF has had daily average volatility of 0.98%.
Our recommended stop-loss: $13.77 (-4.37%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 36 days ago.)
Trading Expectations (CHAU) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Direxion Daily CSI 300 China A Share Bull 2X Shares to open at $14.43, and during the day (based on 14 day Average True Range), to move between $14.10 and $14.70, which gives a possible trading interval of +/-$0.297 (+/-2.06%) 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 4.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $14.32 (0.56%) than the resistance at $14.58 (1.25%), 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 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.023 Hold/Accumulate Upgraded
Predicted Opening Price for Direxion Daily CSI 300 China A Share Bull 2X Shares of Thursday, May 2, 2024
Fair opening price May 2, 2024 | Current price |
---|---|
$14.43 ( 0.208%) | $14.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHAU
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 14.58 | 1.25 % | |
R2 | 14.52 | 0.85 % | ||
R1 | 14.49 | 0.606 % | ||
Current price: | 14.40 | |||
Support | S1 | 14.37 | -0.190 % | |
S2 | 14.34 | -0.435 % | ||
S3 | 14.28 | -0.83 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 14.77 | 2.57 % | |
R2 | 14.73 | 2.29 % | ||
R1 | 14.58 | 1.25 % | ||
Current price | 14.40 | |||
Support | S1 | 14.32 | -0.556% | |
S2 | 13.92 | -3.33% | ||
S3 | 13.34 | -7.36% |
CHAU Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0704 | 0.503% |
2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.232 | 1.76% |
3 | Feb 11, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0780 | 0.485% |
4 | Feb 11, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.121 | 0.689% |
5 | Feb 11, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.124 | 0.575% |
FAQ
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