Direxion Daily Gold Miners Bull 2X ETF Forecast
Red day on Friday for Direxion Daily Gold Miners Bull 2X
(Updated on Jun 28, 2024)
The Direxion Daily Gold Miners Bull 2X ETF price fell by -1.75% on the last day (Friday, 28th Jun 2024) from $38.25 to $37.58. During the last trading day the ETF fluctuated 5.22% from a day low at $37.16 to a day high of $39.10. The price has been going up and down for this period, and there has been a 3.58% gain for the last 2 weeks. Volume has increased on the last day by 144 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $47.08 million.
The ETF is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $36.42 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Direxion Daily Gold Miners Bull 2X ETF with a 90% probability to be traded between $37.09 and $47.73 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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NUGT Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 3.58%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Direxion Daily Gold Miners Bull 2X 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 $38.04 and $40.34. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for Direxion Daily Gold Miners Bull 2X ETF
Direxion Daily Gold Miners Bull 2X finds support from accumulated volume at $37.28 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 and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.94 between high and low, or 5.22%. For the last week, the ETF has had daily average volatility of 2.99%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (NUGT) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Direxion Daily Gold Miners Bull 2X ETF to open at $37.95, and during the day (based on 14 day Average True Range), to move between $35.67 and $39.49, which gives a possible trading interval of +/-$1.91 (+/-5.07%) up or down from last closing price. If Direxion Daily Gold Miners Bull 2X ETF takes out the full calculated possible swing range there will be an estimated 10.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $37.28 (0.80%) than the resistance at $38.29 (1.89%), 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 Gold Miners Bull 2X ETF ETF A Buy?
Direxion Daily Gold Miners Bull 2X holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -2.931 Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily Gold Miners Bull 2X ETF of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $37.95 ( 0.98%) | $37.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NUGT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 39.89 | 6.14% |
| R2 | 39.15 | 4.17% |
| R1 | 38.69 | 2.95% |
| Price | 37.58 | |
| S1 | 37.21 | -1.00% |
| S2 | 36.75 | -2.21% |
| S3 | 36.01 | -4.19% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 39.90 | 6.17% |
| R2 | 38.93 | 3.59% |
| R1 | 38.29 | 1.89% |
| Price | 37.58 | |
| S1 | 37.28 | -0.798% |
| S2 | 37.19 | -1.04% |
| S3 | 35.97 | -4.28% |
NUGT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.198 | 0.648% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.329 | 0.92% |
| 3 | Feb 11, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.110 | 0.385% |
| 4 | Feb 11, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0870 | 0.264% |
| 5 | Feb 11, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0530 | 0.127% |
FAQ
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