Direxion Daily Energy Bear 2X Shares ETF Forecast
Direxion Daily Energy Bear 2X Shares ETF price ended at $21.04 on Wednesday, after losing 0%.
(Updated on Apr 24, 2024)
No changes to the price of Direxion Daily Energy Bear 2X Shares ETF on the last trading day (Wednesday, 24th Apr 2024). During the last trading day the ETF fluctuated 2.55% from a day low at $20.97 to a day high of $21.50. The price has risen in 6 of the last 10 days and is up by 4.06% over the past 2 weeks.
The ETF lies the upper part of a 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 $21.42 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 -30.41% during the next 3 months and, with a 90% probability hold a price between $12.62 and $14.90 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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ERY Signals & Forecast
There are mixed signals in the ETF today. The Direxion Daily Energy Bear 2X Shares 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 $21.51 and $22.26. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Friday, April 05, 2024, and so far it has risen 4.68%. 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). The volume rose on the last day while price remained unchanged. This may be an early warning and the ETF should be watched closely.
Support, Risk & Stop-loss for Direxion Daily Energy Bear 2X Shares ETF
Direxion Daily Energy Bear 2X Shares finds support from accumulated volume at $20.99 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 $0.535 between high and low, or 2.55%. For the last week, the ETF has had daily average volatility of 3.37%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ERY) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Direxion Daily Energy Bear 2X Shares to open at $21.17, and during the day (based on 14 day Average True Range), to move between $20.35 and $21.73, which gives a possible trading interval of +/-$0.694 (+/-3.30%) up or down from last closing price. If Direxion Daily Energy Bear 2X Shares takes out the full calculated possible swing range there will be an estimated 6.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $20.99 (0.24%) than the resistance at $21.35 (1.47%), 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 Energy Bear 2X Shares ETF A Buy?
Direxion Daily Energy Bear 2X Shares holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.
Current score: -2.853 Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily Energy Bear 2X Shares of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $21.17 ( 0.610%) | $21.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ERY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.70 | 3.15 % | |
| R2 | 21.50 | 2.18 % | ||
| R1 | 21.37 | 1.58 % | ||
| Current price: | 21.04 | |||
| Support | S1 | 20.96 | -0.361 % | |
| S2 | 20.84 | -0.96 % | ||
| S3 | 20.63 | -1.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 26.10 | 24.05 % | |
| R2 | 21.74 | 3.33 % | ||
| R1 | 21.35 | 1.47 % | ||
| Current price | 21.04 | |||
| Support | S1 | 20.99 | -0.238% | |
| S2 | 20.54 | -2.38% | ||
| S3 | 20.33 | -3.37% |
ERY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.370 | 1.64% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.234 | 0.86% |
| 3 | Feb 10, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.238 | 0.96% |
| 4 | Feb 10, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.324 | 1.01% |
| 5 | Feb 10, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.361 | 1.12% |
FAQ
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