DIREXION DAILY HOMEBUILDERS & SUPPLIES ETF Forecast

Big movements in DIREXION DAILY HOMEBUILDERS & SUPPLIES ETF price on Tuesday moving 10.12% between high and low
(Updated on Apr 23, 2024)

NAIL Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 10.87%. 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 HOMEBUILDERS & SUPPLIES ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $127.50. On a fall, the ETF will find some support from the short-term average at $106.73. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for DIREXION DAILY HOMEBUILDERS & SUPPLIES ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $107.31 and $105.29. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, DIREXION DAILY HOMEBUILDERS & SUPPLIES finds support just below today's level at $107.31. If this is broken, then the next support from accumulated volume will be at $105.29 and $94.72.

This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $10.46 between high and low, or 10.12%. For the last week, the ETF has had daily average volatility of 7.16%.

Our recommended stop-loss: $108.22 (-4.36%) (This ETF has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (NAIL) For The Upcoming Trading Day Of Wednesday 24th

For the upcoming trading day on Wednesday, 24th we expect DIREXION DAILY HOMEBUILDERS & SUPPLIES BULL 3X SHARES to open at $110.06, and during the day (based on 14 day Average True Range), to move between $105.12 and $121.18, which gives a possible trading interval of +/-$8.03 (+/-7.10%) up or down from last closing price. If DIREXION DAILY HOMEBUILDERS & SUPPLIES BULL 3X SHARES takes out the full calculated possible swing range there will be an estimated 14.19% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $116.02 (2.54%) than the support at $107.31 (5.16%), 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 HOMEBUILDERS & SUPPLIES BULL 3X SHARES ETF A Buy?

DIREXION DAILY HOMEBUILDERS & SUPPLIES holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.179 Hold/Accumulate Unchanged

Predicted Opening Price for DIREXION DAILY HOMEBUILDERS & SUPPLIES BULL 3X SHARES of Wednesday, April 24, 2024

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