Direxion Daily Technology Bull 3X Shares ETF Forecast
Is Direxion Daily Technology Bull 3X Shares ETF still a buy after falling -6.33% on Friday?
(Updated on Apr 19, 2024)
The Direxion Daily Technology Bull 3X Shares ETF price fell by -6.33% on the last day (Friday, 19th Apr 2024) from $66.56 to $62.35. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 7.25% from a day low at $61.81 to a day high of $66.29. The price has fallen in 7 of the last 10 days and is down by -19.68% for this period. Volume has increased on the last day by 2 million 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, 5 million shares were bought and sold for approximately $335.28 million.
The ETF has broken the wide and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $70.94 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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TECL Signals & Forecast
There are few to no technical positive signals at the moment. The Direxion Daily Technology Bull 3X Shares 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 $71.15 and $78.16. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 01, 2024, and so far it has fallen -25.86%. 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). 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 Technology Bull 3X Shares ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
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 $4.48 between high and low, or 7.25%. For the last week, the ETF has had daily average volatility of 6.01%.
Direxion Daily Technology Bull 3X Shares is oversold on RSI14 (24). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TECL) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Direxion Daily Technology Bull 3X Shares to open at $63.48, and during the day (based on 14 day Average True Range), to move between $58.59 and $66.11, which gives a possible trading interval of +/-$3.76 (+/-6.03%) up or down from last closing price. If Direxion Daily Technology Bull 3X Shares takes out the full calculated possible swing range there will be an estimated 12.07% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $70.77, some $8.42 (13.50%) from the current price of $62.35, our system finds the risk reward not very attractive.
Is Direxion Daily Technology Bull 3X Shares ETF A Buy?
Direxion Daily Technology Bull 3X Shares holds several negative signals and is within a 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: -4.844 Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily Technology Bull 3X Shares of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $63.48 ( 1.82%) | $62.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TECL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 67.96 | 9.00 % | |
| R2 | 66.25 | 6.26 % | ||
| R1 | 65.19 | 4.56 % | ||
| Current price: | 62.35 | |||
| Support | S1 | 61.77 | -0.93 % | |
| S2 | 60.71 | -2.62 % | ||
| S3 | 59.00 | -5.37 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 75.38 | 20.90 % | |
| R2 | 71.86 | 15.25 % | ||
| R1 | 70.77 | 13.50 % | ||
| Current price | 62.35 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
TECL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.112 | 0.141% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0710 | 0.107% |
| 3 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0400 | 0.0779% |
| 4 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0770 | 0.237% |
| 5 | Dec 19, 2022 | Dec 20, 2022 | Dec 28, 2022 | $0.0490 | 0.238% |
FAQ
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