Direxion Daily Technology Bull 3X Shares ETF Forecast
Green day on Thursday for Direxion Daily Technology Bull 3X Shares ETF after gaining 4.13%
(Updated on May 02, 2024)
The Direxion Daily Technology Bull 3X Shares ETF price gained 4.13% on the last trading day (Thursday, 2nd May 2024), rising from $63.64 to $66.27. During the last trading day the ETF fluctuated 4.74% from a day low at $63.52 to a day high of $66.53. The price has risen in 6 of the last 10 days but is still down by -0.44% for this period. Volume fell on the last day by -1 million shares and in total, 3 million shares were bought and sold for approximately $217.47 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 very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -12.55% during the next 3 months and, with a 90% probability hold a price between $53.09 and $67.55 at the end of this 3-month period.
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TECL Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 6.29%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $67.13 and $74.41. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Direxion Daily Technology Bull 3X Shares ETF
Direxion Daily Technology Bull 3X Shares finds support from accumulated volume at $63.95 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 $3.01 between high and low, or 4.74%. For the last week, the ETF has had daily average volatility of 5.11%.
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 Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Direxion Daily Technology Bull 3X Shares to open at $65.44, and during the day (based on 14 day Average True Range), to move between $62.71 and $69.83, which gives a possible trading interval of +/-$3.56 (+/-5.37%) 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 10.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $63.95 (3.50%) than the resistance at $71.86 (8.44%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Direxion Daily Technology Bull 3X Shares ETF A Buy?
Direxion Daily Technology Bull 3X Shares holds several negative signals and is within a very 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: -1.340 Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily Technology Bull 3X Shares of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $65.44 ( 1.25%) | $66.27 |
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 | 68.45 | 3.29 % | |
| R2 | 67.30 | 1.55 % | ||
| R1 | 66.59 | 0.483 % | ||
| Current price: | 66.27 | |||
| Support | S1 | 64.29 | -2.99 % | |
| S2 | 63.58 | -4.06 % | ||
| S3 | 62.43 | -5.79 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 79.98 | 20.69 % | |
| R2 | 79.58 | 20.08 % | ||
| R1 | 71.86 | 8.44 % | ||
| Current price | 66.27 | |||
| Support | S1 | 63.95 | -3.50% | |
| S2 | 63.64 | -3.97% | ||
| S3 | 62.35 | -5.92% |
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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