T-Rex 2X Long NVIDIA Daily Target ETF Forecast

T-Rex 2X Long NVIDIA Daily Target ETF downgraded from Strong Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on May 16, 2024)

NVDX Signals & Forecast

The T-Rex 2X Long NVIDIA Daily Target ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $97.81 and $91.69. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Monday, March 25, 2024, and so far it has fallen -6.75%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Long NVIDIA Daily Target finds support from accumulated volume at $103.22 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 $3.77 between high and low, or 3.64%. For the last week, the ETF has had daily average volatility of 5.37%.

Our recommended stop-loss: $98.15 (-5.74%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 37 days ago.)

Trading Expectations (NVDX) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect T-Rex 2X Long NVIDIA Daily Target ETF to open at $104.90, and during the day (based on 14 day Average True Range), to move between $97.24 and $111.02, which gives a possible trading interval of +/-$6.89 (+/-6.62%) up or down from last closing price. If T-Rex 2X Long NVIDIA Daily Target ETF takes out the full calculated possible swing range there will be an estimated 13.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $103.22 (0.87%) than the resistance at $105.49 (1.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is T-Rex 2X Long NVIDIA Daily Target ETF ETF A Buy?

T-Rex 2X Long NVIDIA Daily Target 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

Current score: 0.822 Hold/Accumulate Downgraded

Predicted Opening Price for T-Rex 2X Long NVIDIA Daily Target ETF of Friday, May 17, 2024

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