Direxion Daily Real Estate Bull 3X ETF Forecast
Direxion Daily Real Estate Bull 3X ETF upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on May 02, 2024)
The Direxion Daily Real Estate Bull 3X ETF price gained 4.04% on the last trading day (Thursday, 2nd May 2024), rising from $7.43 to $7.73. During the last trading day the ETF fluctuated 5.30% from a day low at $7.37 to a day high of $7.76. The price has risen in 8 of the last 10 days and is up by 7.81% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 20 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $13.56 million.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -16.71% during the next 3 months and, with a 90% probability hold a price between $5.72 and $7.63 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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DRN Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 7.81%. 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). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Direxion Daily Real Estate Bull 3X 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 $8.52. On a fall, the ETF will find some support from the short-term average at $7.61. 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.
Support, Risk & Stop-loss for Direxion Daily Real Estate Bull 3X ETF
Direxion Daily Real Estate Bull 3X finds support from accumulated volume at $7.43 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.391 between high and low, or 5.30%. For the last week, the ETF has had daily average volatility of 4.53%.
Our recommended stop-loss: $7.37 (-4.60%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (DRN) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Direxion Daily Real Estate Bull 3X ETF to open at $7.62, and during the day (based on 14 day Average True Range), to move between $7.34 and $8.12, which gives a possible trading interval of +/-$0.393 (+/-5.08%) up or down from last closing price. If Direxion Daily Real Estate Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 10.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.43 (3.88%) than the resistance at $8.41 (8.80%), 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 Real Estate Bull 3X ETF ETF A Buy?
Direxion Daily Real Estate Bull 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.359 Hold/Accumulate Upgraded
Predicted Opening Price for Direxion Daily Real Estate Bull 3X ETF of Friday, May 3, 2024
Fair opening price May 3, 2024 | Current price |
---|---|
$7.62 ( 1.42%) | $7.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRN
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.01 | 3.63 % | |
R2 | 7.86 | 1.70 % | ||
R1 | 7.77 | 0.509 % | ||
Current price: | 7.73 | |||
Support | S1 | 7.47 | -3.35 % | |
S2 | 7.38 | -4.54 % | ||
S3 | 7.23 | -6.47 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 9.01 | 16.56 % | |
R2 | 8.57 | 10.87 % | ||
R1 | 8.41 | 8.80 % | ||
Current price | 7.73 | |||
Support | S1 | 7.43 | -3.88% | |
S2 | 7.40 | -4.27% | ||
S3 | 7.20 | -6.86% |
DRN Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0412 | 0.457% |
2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0700 | 0.682% |
3 | Feb 17, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0650 | 0.96% |
4 | Feb 17, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0730 | 0.797% |
5 | Feb 17, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0940 | 1.16% |
FAQ
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