Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF Forecast
Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF price ended at $9.33 on Thursday, after losing 1.37%.
(Updated on May 02, 2024)
The Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF price fell by -1.37% on the last day (Thursday, 2nd May 2024) from $9.46 to $9.33. During the last trading day the ETF fluctuated 3.38% from a day low at $9.18 to a day high of $9.48. The price has fallen in 7 of the last 10 days but is still up by 3.32% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -548 thousand shares and in total, 2 million shares were bought and sold for approximately $14.51 million.
The ETF lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $9.39 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -29.92% during the next 3 months and, with a 90% probability hold a price between $4.75 and $6.58 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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DRIP Signals & Forecast
The Direxion Dly S&P Oil&Gs Ex&Prd Br 3X 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 $8.80 and $8.74. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 16.19%. Further rise is indicated until a new top pivot has been found. 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. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF
Direxion Dly S&P Oil&Gs Ex&Prd Br 3X finds support from accumulated volume at $9.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.310 between high and low, or 3.38%. For the last week, the ETF has had daily average volatility of 4.41%.
Our recommended stop-loss: $8.84 (-5.30%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 19 days ago.)
Trading Expectations (DRIP) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF to open at $9.33, and during the day (based on 14 day Average True Range), to move between $8.97 and $9.69, which gives a possible trading interval of +/-$0.362 (+/-3.88%) up or down from last closing price. If Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF takes out the full calculated possible swing range there will be an estimated 7.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $9.05 (3.00%) than the resistance at $9.65 (3.43%), 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 Dly S&P Oil&Gs Ex&Prd Br 3X ETF ETF A Buy?
Direxion Dly S&P Oil&Gs Ex&Prd Br 3X 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.
Current score: 0.913 Hold/Accumulate Unchanged
Predicted Opening Price for Direxion Dly S&P Oil&Gs Ex&Prd Br 3X ETF of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $9.33 ( 0.0011%) | $9.33 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRIP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.64 | 3.32 % | |
| R2 | 9.52 | 2.05 % | ||
| R1 | 9.45 | 1.27 % | ||
| Current price: | 9.33 | |||
| Support | S1 | 9.21 | -1.27 % | |
| S2 | 9.14 | -2.05 % | ||
| S3 | 9.02 | -3.32 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.11 | 19.08 % | |
| R2 | 10.79 | 15.65 % | ||
| R1 | 9.65 | 3.43 % | ||
| Current price | 9.33 | |||
| Support | S1 | 9.05 | -3.00% | |
| S2 | 8.87 | -4.93% | ||
| S3 | 8.31 | -10.93% |
DRIP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.177 | 1.94% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0890 | 0.81% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0930 | 0.89% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.122 | 0.86% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.270 | 1.77% |
FAQ
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