Microsectors Gold Miners -3x Inverse ETF Forecast

Green day on Friday for Microsectors Gold Miners -3x Inverse
(Updated on May 03, 2024)

GDXD Signals & Forecast

The Microsectors Gold Miners -3x Inverse 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 $19.64 and $6.49. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -1.85%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Microsectors Gold Miners -3x Inverse ETF

Microsectors Gold Miners -3x Inverse finds support from accumulated volume at $26.85 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $1.77 between high and low, or 6.81%. For the last week, the ETF has had daily average volatility of 8.32%.

The Microsectors Gold Miners -3x Inverse ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.

Our recommended stop-loss: $25.98 (-3.73%) (This ETF has very high daily movements and this gives very high risk. The RSI14 is 95 and this increases the risk substantially. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (GDXD) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Microsectors Gold Miners -3x Inverse Leveraged Etn to open at $26.91, and during the day (based on 14 day Average True Range), to move between $24.92 and $29.06, which gives a possible trading interval of +/-$2.07 (+/-7.68%) up or down from last closing price. If Microsectors Gold Miners -3x Inverse Leveraged Etn takes out the full calculated possible swing range there will be an estimated 15.36% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $27.00 (0.04%) than the support at $26.85 (0.52%), 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 Microsectors Gold Miners -3x Inverse Leveraged Etn ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Microsectors Gold Miners -3x Inverse ETF to perform well in the short-term.

Current score: 1.609 Buy Candidate Unchanged

Predicted Opening Price for Microsectors Gold Miners -3x Inverse Leveraged Etn of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.