Direxion Daily Retail Bull 3X Shares ETF Forecast
Direxion Daily Retail Bull 3X Shares ETF downgraded to Sell Candidate
(Updated on Apr 24, 2024)
The Direxion Daily Retail Bull 3X Shares ETF price fell by -1.60% on the last day (Wednesday, 24th Apr 2024) from $8.73 to $8.59. During the last trading day the ETF fluctuated 2.77% from a day low at $8.49 to a day high of $8.72. The price has fallen in 6 of the last 10 days and is down by -4.24% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -115 thousand shares and in total, 237 thousand shares were bought and sold for approximately $2.03 million.
The ETF lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $7.99 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 5.44% during the next 3 months and, with a 90% probability hold a price between $8.42 and $12.03 at the end of this 3-month period.
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RETL Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 8.05%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Direxion Daily Retail Bull 3X Shares 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 $9.58. On a fall, the ETF will find some support from the short-term average at $8.24. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Direxion Daily Retail Bull 3X Shares ETF
Direxion Daily Retail Bull 3X Shares finds support from accumulated volume at $8.34 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $0.235 between high and low, or 2.77%. For the last week, the ETF has had daily average volatility of 4.14%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RETL) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Direxion Daily Retail Bull 3X Shares to open at $8.60, and during the day (based on 14 day Average True Range), to move between $8.14 and $9.04, which gives a possible trading interval of +/-$0.454 (+/-5.29%) up or down from last closing price. If Direxion Daily Retail Bull 3X Shares takes out the full calculated possible swing range there will be an estimated 10.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.65 (0.70%) than the support at $8.34 (2.91%), 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 Retail Bull 3X Shares ETF A Buy?
Direxion Daily Retail Bull 3X Shares holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.782 Sell Candidate Downgraded
Predicted Opening Price for Direxion Daily Retail Bull 3X Shares of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $8.60 ( 0.0970%) | $8.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RETL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.83 | 2.83 % | |
| R2 | 8.74 | 1.79 % | ||
| R1 | 8.69 | 1.14 % | ||
| Current price: | 8.59 | |||
| Support | S1 | 8.51 | -0.95 % | |
| S2 | 8.45 | -1.59 % | ||
| S3 | 8.36 | -2.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.54 | 11.06 % | |
| R2 | 8.73 | 1.63 % | ||
| R1 | 8.65 | 0.698 % | ||
| Current price | 8.59 | |||
| Support | S1 | 8.34 | -2.91% | |
| S2 | 7.97 | -7.22% | ||
| S3 | 7.64 | -11.06% |
RETL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0332 | 0.319% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0290 | 0.317% |
| 3 | Feb 11, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0220 | 0.414% |
| 4 | Feb 11, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0460 | 0.673% |
| 5 | Feb 11, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0260 | 0.394% |
FAQ
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