DIREXION DAILY FINANCIAL BEAR 3X SHARES ETF Forecast
Red day on Tuesday for DIREXION DAILY FINANCIAL BEAR 3X SHARES
(Updated on May 07, 2024)
The DIREXION DAILY FINANCIAL BEAR 3X SHARES ETF price fell by -0.93% on the last day (Tuesday, 7th May 2024) from $10.71 to $10.61. It has now fallen 4 days in a row. During the last trading day the ETF fluctuated 1.35% from a day low at $10.53 to a day high of $10.67. The price has risen in 6 of the last 10 days and is up by 0.28% 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 -495 thousand shares and in total, 2 million shares were bought and sold for approximately $20.44 million.
The ETF lies in the middle of a 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 -9.30% during the next 3 months and, with a 90% probability hold a price between $8.42 and $10.47 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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FAZ Signals & Forecast
There are few to no technical positive signals at the moment. The DIREXION DAILY FINANCIAL BEAR 3X SHARES ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $11.00 and $10.70. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 16, 2024, and so far it has fallen -10.31%. 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). 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 DAILY FINANCIAL BEAR 3X SHARES ETF
DIREXION DAILY FINANCIAL BEAR 3X SHARES finds support from accumulated volume at $10.51 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 $0.142 between high and low, or 1.35%. For the last week, the ETF has had daily average volatility of 2.98%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FAZ) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect DIREXION DAILY FINANCIAL BEAR 3X SHARES to open at $10.60, and during the day (based on 14 day Average True Range), to move between $10.24 and $10.98, which gives a possible trading interval of +/-$0.374 (+/-3.52%) up or down from last closing price. If DIREXION DAILY FINANCIAL BEAR 3X SHARES takes out the full calculated possible swing range there will be an estimated 7.05% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $10.51 (0.94%) than the resistance at $11.26 (6.13%), 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 FINANCIAL BEAR 3X SHARES ETF A Buy?
DIREXION DAILY FINANCIAL BEAR 3X SHARES holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -2.905 Sell Candidate Unchanged
Predicted Opening Price for DIREXION DAILY FINANCIAL BEAR 3X SHARES of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $10.60 ( 0.0704%) | $10.61 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FAZ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.74 | 1.27 % | |
| R2 | 10.69 | 0.759 % | ||
| R1 | 10.66 | 0.442 % | ||
| Current price: | 10.61 | |||
| Support | S1 | 10.55 | -0.583 % | |
| S2 | 10.51 | -0.90 % | ||
| S3 | 10.46 | -1.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.83 | 11.50 % | |
| R2 | 11.41 | 7.54 % | ||
| R1 | 11.26 | 6.13 % | ||
| Current price | 10.61 | |||
| Support | S1 | 10.51 | -0.94% | |
| S2 | 10.17 | -4.15% | ||
| S3 | 9.96 | -6.13% |
FAZ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.180 | 1.74% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0800 | 0.570% |
| 3 | Feb 10, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.149 | 0.754% |
| 4 | Feb 10, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.169 | 0.83% |
| 5 | Feb 10, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.269 | 1.14% |
FAQ
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