Direxion Daily Regional Banks Bull 3X ETF Forecast

Green day on Wednesday for Direxion Daily Regional Banks Bull 3X
(Updated on Apr 24, 2024)

DPST Signals & Forecast

The Direxion Daily Regional Banks Bull 3X 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 $64.90 and $70.07. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 22.21%. 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 Regional Banks Bull 3X ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $66.45 and $65.85. 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 Regional Banks Bull 3X finds support just below today's level at $66.45. If this is broken, then the next support from accumulated volume will be at $65.85 and $63.91.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $4.30 between high and low, or 6.32%. For the last week, the ETF has had daily average volatility of 7.52%.

Since the Direxion Daily Regional Banks Bull 3X has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: $69.59 (-3.44%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (DPST) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Direxion Daily Regional Banks Bull 3X Shares to open at $70.84, and during the day (based on 14 day Average True Range), to move between $67.23 and $76.91, which gives a possible trading interval of +/-$4.84 (+/-6.72%) up or down from last closing price. If Direxion Daily Regional Banks Bull 3X Shares takes out the full calculated possible swing range there will be an estimated 13.43% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $72.60 (0.74%) than the support at $66.45 (7.80%), 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 Regional Banks Bull 3X Shares ETF A Buy?

Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.

Current score: 2.133 Buy Candidate Unchanged

Predicted Opening Price for Direxion Daily Regional Banks Bull 3X Shares of Thursday, April 25, 2024

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