Direxion Daily Aerospace & Defense Bull ETF Forecast
Direxion Daily Aerospace & Defense Bull ETF downgraded to Buy Candidate
(Updated on Mar 28, 2024)
The Direxion Daily Aerospace & Defense Bull ETF price gained 0.0751% on the last trading day (Thursday, 28th Mar 2024), rising from $26.63 to $26.65. During the last trading day the ETF fluctuated 0.99% from a day low at $26.64 to a day high of $26.90. The price has risen in 8 of the last 10 days and is up by 12.21% over the past 2 weeks. Volume fell on the last day by -77 thousand shares and in total, 124 thousand shares were bought and sold for approximately $3.30 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 strong 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 17.05% during the next 3 months and, with a 90% probability hold a price between $27.84 and $33.55 at the end of this 3-month period.
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DFEN Signals & Forecast
The Direxion Daily Aerospace & Defense Bull 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 $25.90 and $24.37. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, January 16, 2024, and so far it has risen 31.35%. 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 Aerospace & Defense Bull ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $22.06 and $21.43. 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 Aerospace & Defense Bull finds support just below today's level at $22.06. If this is broken, then the next support from accumulated volume will be at $21.43 and $20.29.
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 $0.265 between high and low, or 0.99%. For the last week, the ETF has had daily average volatility of 1.93%.
Our recommended stop-loss: $25.80 (-3.20%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 51 days ago.)
Trading Expectations (DFEN) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Direxion Daily Aerospace & Defense Bull 3X Shares to open at $26.73, and during the day (based on 14 day Average True Range), to move between $25.97 and $27.33, which gives a possible trading interval of +/-$0.682 (+/-2.56%) up or down from last closing price. If Direxion Daily Aerospace & Defense Bull 3X Shares takes out the full calculated possible swing range there will be an estimated 5.12% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $22.06, some $4.59 (17.22%) from the current price of $26.65, our system finds the risk reward attractive.
Is Direxion Daily Aerospace & Defense Bull 3X 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 Aerospace & Defense Bull ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 3.881 Buy Candidate Downgraded
Predicted Opening Price for Direxion Daily Aerospace & Defense Bull 3X Shares of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$26.73 ( 0.294%) | $26.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DFEN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 26.99 | 1.29 % | |
R2 | 26.89 | 0.91 % | ||
R1 | 26.83 | 0.674 % | ||
Current price: | 26.65 | |||
Support | S1 | 26.63 | -0.0859 % | |
S2 | 26.56 | -0.321 % | ||
S3 | 26.46 | -0.700 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 26.65 | |||
Support | S1 | 22.06 | -17.22% | |
S2 | 21.43 | -19.59% | ||
S3 | 20.29 | -23.86% |
DFEN Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0712 | 0.278% |
2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.104 | 0.438% |
3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0610 | 0.412% |
4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0660 | 0.332% |
5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0450 | 0.228% |
FAQ
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