Microsectors Gold Miners -3x Inverse ETF Forecast

A very red day for Microsectors Gold Miners -3x Inverse ETF price after a -10.24% fall in the Friday trading session
(Updated on May 17, 2024)

GDXD Signals & Forecast

The Microsectors Gold Miners -3x Inverse ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $21.91. On a fall, the ETF will find some support from the long-term average at approximately $11.90. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell 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 -29.27%. 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 rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

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

There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.

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 $1.73 between high and low, or 8.99%. For the last week, the ETF has had daily average volatility of 6.72%.

Our recommended stop-loss: $18.42 (-5.32%) (This ETF has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 13 days ago.)

Trading Expectations (GDXD) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Microsectors Gold Miners -3x Inverse Leveraged Etn to open at $19.91, and during the day (based on 14 day Average True Range), to move between $17.58 and $21.32, which gives a possible trading interval of +/-$1.87 (+/-9.64%) 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 19.27% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $21.39, some $1.94 (9.97%) from the current price of $19.45, our system finds the risk reward not very attractive.

Is Microsectors Gold Miners -3x Inverse Leveraged Etn ETF A Buy?

Microsectors Gold Miners -3x Inverse holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.196 Hold/Accumulate Downgraded

Predicted Opening Price for Microsectors Gold Miners -3x Inverse Leveraged Etn of Monday, May 20, 2024

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