Direxion Daily Mid Cap Bull 3X Shares ETF Forecast
Direxion Daily Mid Cap Bull 3X Shares ETF downgraded from Hold/Accumulate to Sell Candidate after Wednesday trading session.
(Updated on May 01, 2024)
The Direxion Daily Mid Cap Bull 3X Shares ETF price gained 0.524% on the last trading day (Wednesday, 1st May 2024), rising from $45.77 to $46.01. During the last trading day the ETF fluctuated 6.03% from a day low at $45.34 to a day high of $48.07. The price has risen in 6 of the last 10 days and is up by 2.98% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 thousand more shares were traded than the day before. In total, 62 thousand shares were bought and sold for approximately $2.84 million.
The ETF lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $45.04 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 8.03% during the next 3 months and, with a 90% probability hold a price between $48.66 and $62.38 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MIDU Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 3.60%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Direxion Daily Mid Cap Bull 3X Shares 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 $47.24 and $50.19. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Direxion Daily Mid Cap Bull 3X Shares ETF
Direxion Daily Mid Cap Bull 3X Shares finds support from accumulated volume at $44.61 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 $2.73 between high and low, or 6.03%. For the last week, the ETF has had daily average volatility of 3.68%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MIDU) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Direxion Daily Mid Cap Bull 3X Shares to open at $46.47, and during the day (based on 14 day Average True Range), to move between $44.05 and $47.97, which gives a possible trading interval of +/-$1.96 (+/-4.25%) up or down from last closing price. If Direxion Daily Mid Cap Bull 3X Shares takes out the full calculated possible swing range there will be an estimated 8.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $44.61 (3.04%) than the resistance at $49.99 (8.65%), 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 Daily Mid Cap Bull 3X Shares ETF A Buy?
The Direxion Daily Mid Cap Bull 3X Shares ETF holds several negative signals and despite the positive trend, we believe Direxion Daily Mid Cap Bull 3X Shares will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.163 Sell Candidate Downgraded
Predicted Opening Price for Direxion Daily Mid Cap Bull 3X Shares of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $46.47 ( 1.01%) | $46.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MIDU
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 49.21 | 6.95 % | |
| R2 | 48.16 | 4.68 % | ||
| R1 | 47.52 | 3.28 % | ||
| Current price: | 46.01 | |||
| Support | S1 | 45.43 | -1.26 % | |
| S2 | 44.78 | -2.66 % | ||
| S3 | 43.74 | -4.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 54.52 | 18.50 % | |
| R2 | 50.26 | 9.24 % | ||
| R1 | 49.99 | 8.65 % | ||
| Current price | 46.01 | |||
| Support | S1 | 44.61 | -3.04% | |
| S2 | 43.01 | -6.52% | ||
| S3 | 42.74 | -7.11% |
MIDU Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0500 | 0.0942% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.277 | 0.627% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0400 | 0.122% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.211 | 0.549% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.105 | 0.311% |
FAQ
Click here for our free guide on how to buy Direxion Daily Mid Cap Bull 3X Shares ETF.
