Direxion Daily Gold Miners Bull 2X ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Green day on Wednesday for Direxion Daily Gold Miners Bull 2X ETF after gaining 1.43%
(Updated on May 01, 2024)
The Direxion Daily Gold Miners Bull 2X ETF price gained 1.43% on the last trading day (Wednesday, 1st May 2024), rising from $37.09 to $37.62. During the last trading day the ETF fluctuated 6.67% from a day low at $37.03 to a day high of $39.50. The price has risen in 8 of the last 10 days but is still down by -2.01% for this period. Volume fell on the last day by -131 thousand shares and in total, 3 million shares were bought and sold for approximately $102.45 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the middle of a wide and strong 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 72.46% during the next 3 months and, with a 90% probability hold a price between $61.98 and $71.63 at the end of this 3-month period.
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NUGT Signals & Forecast
A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -8.15%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive 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 a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $38.64. On a fall, the ETF will find some support from the long-term average at approximately $35.89. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.
Support, Risk & Stop-loss for Direxion Daily Gold Miners Bull 2X ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $30.63 and $28.69. 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 Gold Miners Bull 2X finds support just below today's level at $30.63. If this is broken, then the next support from accumulated volume will be at $28.69 and $28.47.
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 $2.47 between high and low, or 6.67%. For the last week, the ETF has had daily average volatility of 6.16%.
Our recommended stop-loss: $35.49 (-5.66%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (NUGT) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Direxion Daily Gold Miners Bull 2X ETF to open at $38.05, and during the day (based on 14 day Average True Range), to move between $35.37 and $39.87, which gives a possible trading interval of +/-$2.25 (+/-5.99%) 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 11.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $38.29 (1.78%) than the support at $30.63 (18.58%), 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 Gold Miners Bull 2X 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.
Current score: 2.942 Buy Candidate Unchanged
Predicted Opening Price for Direxion Daily Gold Miners Bull 2X ETF of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $38.05 ( 1.14%) | $37.62 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 40.52 | 7.71 % | |
| R2 | 39.58 | 5.20 % | ||
| R1 | 38.99 | 3.65 % | ||
| Current price: | 37.62 | |||
| Support | S1 | 37.11 | -1.37 % | |
| S2 | 36.52 | -2.91 % | ||
| S3 | 35.58 | -5.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.90 | 6.06 % | |
| R2 | 38.93 | 3.48 % | ||
| R1 | 38.29 | 1.78 % | ||
| Current price | 37.62 | |||
| Support | S1 | 30.63 | -18.58% | |
| S2 | 28.69 | -23.74% | ||
| S3 | 28.47 | -24.32% |
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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