Direxion Daily India Bull 3X ETF Forecast
Stronger technical forecast for Direxion Daily India Bull 3X ETF price after Friday trading.
(Updated on Apr 19, 2024)
The Direxion Daily India Bull 3X ETF price gained 1.01% on the last trading day (Friday, 19th Apr 2024), rising from $60.23 to $60.84. During the last trading day the ETF fluctuated 0.99% from a day low at $60.33 to a day high of $60.93. The price has been going up and down for this period, and there has been a -3.14% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 19 thousand more shares were traded than the day before. In total, 29 thousand shares were bought and sold for approximately $1.76 million.
The ETF lies in the middle of a weak 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 4.39% during the next 3 months and, with a 90% probability hold a price between $62.16 and $68.23 at the end of this 3-month period.
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INDL Signals & Forecast
The Direxion Daily India Bull 3X 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 $61.08 and $61.51. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -4.43%. Further fall is indicated until a new bottom pivot has been found. Some positive signals were issued as well, and these may have some influence on the near short-term development. 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.
Support, Risk & Stop-loss for Direxion Daily India Bull 3X ETF
Direxion Daily India Bull 3X finds support from accumulated volume at $59.58 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $0.600 (0.99%) between high and low. For the last week, the ETF has had daily average volatility of 1.29%.
Our recommended stop-loss: $57.70 (-5.16%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (INDL) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Direxion Daily India Bull 3X ETF to open at $60.70, and during the day (based on 14 day Average True Range), to move between $59.91 and $61.77, which gives a possible trading interval of +/-$0.93 (+/-1.52%) up or down from last closing price. If Direxion Daily India Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 3.05% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $61.64 (1.31%) than the support at $59.58 (2.07%), 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 India Bull 3X ETF ETF A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.098 Buy Candidate Upgraded
Predicted Opening Price for Direxion Daily India Bull 3X ETF of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $60.70 ( 0.230%) | $60.84 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INDL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.30 | 0.756 % | |
| R2 | 61.07 | 0.379 % | ||
| R1 | 60.93 | 0.146 % | ||
| Current price: | 60.84 | |||
| Support | S1 | 60.47 | -0.607 % | |
| S2 | 60.33 | -0.84 % | ||
| S3 | 60.10 | -1.22 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 63.14 | 3.78 % | |
| R2 | 61.74 | 1.48 % | ||
| R1 | 61.64 | 1.31 % | ||
| Current price | 60.84 | |||
| Support | S1 | 59.58 | -2.07% | |
| S2 | 58.57 | -3.73% | ||
| S3 | 56.16 | -7.69% |
INDL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 19, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.206 | 0.343% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.275 | 0.496% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.216 | 0.449% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.264 | 0.559% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.179 | 0.473% |
FAQ
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