Direxion NASDAQ-100 Equal Weighted Index ETF Forecast
Green day on Wednesday for Direxion NASDAQ-100 Equal Weighted Index
(Updated on Mar 27, 2024)
The Direxion NASDAQ-100 Equal Weighted Index ETF price gained 0.89% on the last trading day (Wednesday, 27th Mar 2024), rising from $88.50 to $89.29. During the last trading day the ETF fluctuated 0.715% from a day low at $88.66 to a day high of $89.29. The price has been going up and down for this period, and there has been a 0.94% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 67 thousand more shares were traded than the day before. In total, 129 thousand shares were bought and sold for approximately $11.56 million.
The ETF lies in the middle of a narrow and weak 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 6.99% during the next 3 months and, with a 90% probability hold a price between $93.74 and $97.17 at the end of this 3-month period.
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QQQE Signals & Forecast
The Direxion NASDAQ-100 Equal Weighted Index 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 $88.68 and $87.99. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -0.190%. 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).
Support, Risk & Stop-loss for Direxion NASDAQ-100 Equal Weighted Index ETF
Direxion NASDAQ-100 Equal Weighted Index finds support from accumulated volume at $88.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.634 between high and low, or 0.715%. For the last week the ETF has had daily average volatility of 0.652%.
Our recommended stop-loss: $85.68 (-4.04%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (QQQE) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Direxion NASDAQ-100 Equal Weighted Index Shares to open at $89.08, and during the day (based on 14 day Average True Range), to move between $88.36 and $90.22, which gives a possible trading interval of +/-$0.93 (+/-1.04%) up or down from last closing price. If Direxion NASDAQ-100 Equal Weighted Index Shares takes out the full calculated possible swing range there will be an estimated 2.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $89.46 (0.19%) than the support at $88.45 (0.94%), 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 NASDAQ-100 Equal Weighted Index Shares ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Direxion NASDAQ-100 Equal Weighted Index ETF to perform well in the short-term.
Current score: 1.637 Buy Candidate Unchanged
Predicted Opening Price for Direxion NASDAQ-100 Equal Weighted Index Shares of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$89.08 ( 0.237%) | $89.29 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QQQE
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 89.71 | 0.474 % | |
R2 | 89.47 | 0.202 % | ||
R1 | 89.32 | 0.0346 % | ||
Current price: | 89.29 | |||
Support | S1 | 88.84 | -0.508 % | |
S2 | 88.69 | -0.676 % | ||
S3 | 88.44 | -0.95 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 89.46 | 0.190 % | ||
Current price | 89.29 | |||
Support | S1 | 88.45 | -0.94% | |
S2 | 86.23 | -3.43% | ||
S3 | 84.03 | -5.89% |
QQQE Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.191 | 0.216% |
2 | Dec 20, 2023 | Dec 21, 2023 | Dec 29, 2023 | $0.246 | 0.290% |
3 | Sep 18, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.165 | 0.224% |
4 | Jun 20, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.159 | 0.209% |
5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.102 | 0.147% |
FAQ
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