Direxion Hydrogen ETF Forecast

Red day on Tuesday for Direxion Hydrogen
(Updated on Jun 25, 2024)

HJEN Signals & Forecast

There are few to no technical positive signals at the moment. The Direxion Hydrogen ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $11.17 and $11.71. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 28, 2024, and so far it has fallen -15.89%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Direxion Hydrogen ETF

Direxion Hydrogen finds support from accumulated volume at $10.62 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, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0.290 between high and low, or 2.69%. For the last week the ETF has had daily average volatility of 1.81%.

Direxion Hydrogen is oversold on RSI14 (18). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: $10.13 (-6.64%) (This ETF has medium daily movements and this gives medium risk. Low RSI14 is 18 which reduces the risk some. There is a sell signal from a pivot top found 41 days ago.)

Trading Expectations (HJEN) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Direxion Hydrogen ETF to open at $10.89, and during the day (based on 14 day Average True Range), to move between $10.53 and $11.17, which gives a possible trading interval of +/-$0.318 (+/-2.93%) up or down from last closing price. If Direxion Hydrogen ETF takes out the full calculated possible swing range there will be an estimated 5.86% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $10.62 (2.12%) than the resistance at $12.73 (17.33%), 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 Hydrogen ETF ETF A Buy?

Direxion Hydrogen 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.

Current score: -0.871 Hold/Accumulate Unchanged

Predicted Opening Price for Direxion Hydrogen ETF of Wednesday, June 26, 2024

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