Direxion Daily Energy Bull 3X ETF Forecast
Direxion Daily Energy Bull 3X ETF price up 1.12% on Thursday
(Updated on May 02, 2024)
The Direxion Daily Energy Bull 3X ETF price gained 1.12% on the last trading day (Thursday, 2nd May 2024), rising from $66.79 to $67.54. During the last trading day the ETF fluctuated 2.21% from a day low at $66.84 to a day high of $68.32. The price has risen in 7 of the last 10 days but is still down by -2.99% for this period. Volume fell on the last day by -112 thousand shares and in total, 539 thousand shares were bought and sold for approximately $36.39 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 lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $67.13 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 33.32% during the next 3 months and, with a 90% probability hold a price between $89.49 and $110.18 at the end of this 3-month period.
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ERX Signals & Forecast
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. The Direxion Daily Energy Bull 3X ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $70.81 and $71.07. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -11.38%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Direxion Daily Energy Bull 3X ETF
Direxion Daily Energy Bull 3X finds support from accumulated volume at $67.51 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 $1.48 between high and low, or 2.21%. For the last week, the ETF has had daily average volatility of 3.63%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ERX) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Direxion Daily Energy Bull 3X ETF to open at $67.57, and during the day (based on 14 day Average True Range), to move between $65.12 and $69.96, which gives a possible trading interval of +/-$2.42 (+/-3.58%) up or down from last closing price. If Direxion Daily Energy Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 7.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $67.57 (0.04%) than the support at $67.51 (0.04%), 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 Energy Bull 3X ETF ETF A Buy?
The Direxion Daily Energy Bull 3X ETF holds several negative signals and despite the positive trend, we believe Direxion Daily Energy Bull 3X will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.
Current score: -2.393 Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily Energy Bull 3X ETF of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $67.57 ( 0.0395%) | $67.54 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ERX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 69.05 | 2.23 % | |
| R2 | 68.48 | 1.39 % | ||
| R1 | 68.13 | 0.88 % | ||
| Current price: | 67.54 | |||
| Support | S1 | 67.00 | -0.798 % | |
| S2 | 66.65 | -1.31 % | ||
| S3 | 66.09 | -2.15 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 73.11 | 8.25 % | |
| R2 | 71.30 | 5.57 % | ||
| R1 | 67.57 | 0.0444 % | ||
| Current price | 67.54 | |||
| Support | S1 | 67.51 | -0.0444% | |
| S2 | 65.90 | -2.43% | ||
| S3 | 58.22 | -13.80% |
ERX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.512 | 0.752% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.374 | 0.645% |
| 3 | Feb 10, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.453 | 0.684% |
| 4 | Feb 10, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.469 | 0.89% |
| 5 | Feb 10, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.500 | 0.90% |
FAQ
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