Direxion Daily S&P 500 High Beta Bear 3X ETF Forecast

Red day on Wednesday for Direxion Daily S&P 500 High Beta Bear 3X
(Updated on Apr 24, 2024)

HIBS Signals & Forecast

The Direxion Daily S&P 500 High Beta Bear 3X 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 $27.72. On a fall, the ETF will find some support from the long-term average at approximately $24.83. 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. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Friday, April 19, 2024, and so far it has fallen -9.61%. Further fall is indicated until a new bottom pivot has been found. 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 S&P 500 High Beta Bear 3X ETF

Direxion Daily S&P 500 High Beta Bear 3X finds support from accumulated volume at $25.55 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 $1.26 between high and low, or 4.90%. For the last week, the ETF has had daily average volatility of 5.13%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (HIBS) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Direxion Daily S&P 500 High Beta Bear 3X Shares to open at $26.29, and during the day (based on 14 day Average True Range), to move between $24.91 and $27.55, which gives a possible trading interval of +/-$1.32 (+/-5.04%) up or down from last closing price. If Direxion Daily S&P 500 High Beta Bear 3X Shares takes out the full calculated possible swing range there will be an estimated 10.08% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $26.35 (0.46%) than the support at $25.55 (2.59%), 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 Direxion Daily S&P 500 High Beta Bear 3X Shares ETF A Buy?

Direxion Daily S&P 500 High Beta Bear 3X 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: -1.113 Sell Candidate Unchanged

Predicted Opening Price for Direxion Daily S&P 500 High Beta Bear 3X Shares of Thursday, April 25, 2024

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