Direxion Daily GOOGL Bull 2X Shares ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Weaker technical forecast for Direxion Daily GOOGL Bull 2X Shares as ETF downgraded to Buy Candidate.
(Updated on May 17, 2024)
The Direxion Daily GOOGL Bull 2X Shares ETF price gained 2.20% on the last trading day (Friday, 17th May 2024), rising from $44.06 to $45.03. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 2.69% from a day low at $43.90 to a day high of $45.08. The price has risen in 8 of the last 10 days and is up by 10.29% over the past 2 weeks. Volume fell on the last day by -18 thousand shares and in total, 114 thousand shares were bought and sold for approximately $5.16 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 middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 41.57% during the next 3 months and, with a 90% probability hold a price between $56.19 and $65.94 at the end of this 3-month period.
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GGLL Signals & Forecast
Mostly positive signals in the chart today. The Direxion Daily GOOGL Bull 2X Shares 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 $42.79 and $38.64. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 16.24%. 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). 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.
Support, Risk & Stop-loss for Direxion Daily GOOGL Bull 2X Shares ETF
Direxion Daily GOOGL Bull 2X Shares finds support from accumulated volume at $43.27 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $1.18 between high and low, or 2.69%. For the last week, the ETF has had daily average volatility of 3.33%.
Our recommended stop-loss: $43.64 (-3.08%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (GGLL) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Direxion Daily GOOGL Bull 2X Shares to open at $44.67, and during the day (based on 14 day Average True Range), to move between $43.31 and $46.75, which gives a possible trading interval of +/-$1.72 (+/-3.83%) up or down from last closing price. If Direxion Daily GOOGL Bull 2X Shares takes out the full calculated possible swing range there will be an estimated 7.65% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $43.27, some $1.76 (3.91%) from the current price of $45.03, our system finds the risk reward attractive.
Is Direxion Daily GOOGL Bull 2X Shares 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 Direxion Daily GOOGL Bull 2X Shares ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 4.950 Buy Candidate Downgraded
Predicted Opening Price for Direxion Daily GOOGL Bull 2X Shares of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $44.67 ( 0.80%) | $45.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GGLL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 45.85 | 1.82 % | |
| R2 | 45.40 | 0.82 % | ||
| R1 | 45.12 | 0.200 % | ||
| Current price: | 45.03 | |||
| Support | S1 | 44.22 | -1.80 % | |
| S2 | 43.94 | -2.42 % | ||
| S3 | 43.49 | -3.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 45.03 | |||
| Support | S1 | 43.27 | -3.91% | |
| S2 | 40.83 | -9.33% | ||
| S3 | 35.69 | -20.74% |
GGLL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.200 | 0.579% |
| 2 | Dec 20, 2023 | Dec 21, 2023 | Dec 29, 2023 | $0.226 | 0.712% |
| 3 | Sep 18, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.191 | 0.662% |
| 4 | Jun 20, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.168 | 0.623% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0678 | 0.318% |
FAQ
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