DIREXION DAILY HOMEBUILDERS & SUPPLIES ETF Forecast

Strong day for DIREXION DAILY HOMEBUILDERS & SUPPLIES ETF price on Friday rising 5.23% to $116.53
(Updated on May 03, 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 14.18%. Further rise is indicated until a new top pivot has been found. 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. 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 $123.23. On a fall, the ETF will find some support from the short-term average at $110.46. 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.

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

DIREXION DAILY HOMEBUILDERS & SUPPLIES finds support from accumulated volume at $116.02 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 $9.50 between high and low, or 8.15%. For the last week, the ETF has had daily average volatility of 7.18%.

Our recommended stop-loss: $111.96 (-3.92%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 10 days ago.)

Trading Expectations (NAIL) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect DIREXION DAILY HOMEBUILDERS & SUPPLIES BULL 3X SHARES to open at $119.70, and during the day (based on 14 day Average True Range), to move between $107.94 and $125.12, which gives a possible trading interval of +/-$8.59 (+/-7.37%) 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 14.74% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $116.02 (0.44%) than the resistance at $118.19 (1.42%), 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 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: 0.950 Hold/Accumulate Unchanged

Predicted Opening Price for DIREXION DAILY HOMEBUILDERS & SUPPLIES BULL 3X SHARES of Monday, May 6, 2024

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