Direxion Daily Technology Bear 3X Shares ETF Forecast
A very strong day for Direxion Daily Technology Bear 3X Shares ETF price on Monday
(Updated on Apr 15, 2024)
The Direxion Daily Technology Bear 3X Shares ETF price gained 5.75% on the last trading day (Monday, 15th Apr 2024), rising from $8.00 to $8.46. During the last trading day the ETF fluctuated 8.34% from a day low at $7.85 to a day high of $8.51. The price has risen in 6 of the last 10 days and is up by 11.02% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 22 million shares were bought and sold for approximately $188.89 million.
The ETF lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $8.72 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the ETF is expected to fall -12.87% during the next 3 months and, with a 90% probability hold a price between $6.07 and $7.60 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
TECS Signals & Forecast
Mostly positive signals in the chart today. The Direxion Daily Technology Bear 3X Shares 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 $7.98 and $7.81. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 12, 2024, and so far it has risen 13.71%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Direxion Daily Technology Bear 3X Shares ETF
Direxion Daily Technology Bear 3X Shares finds support from accumulated volume at $8.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.655 between high and low, or 8.34%. For the last week, the ETF has had daily average volatility of 5.23%.
Our recommended stop-loss: $8.05 (-4.90%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (TECS) For The Upcoming Trading Day Of Tuesday 16th
For the upcoming trading day on Tuesday, 16th we expect Direxion Daily Technology Bear 3X Shares to open at $8.27, and during the day (based on 14 day Average True Range), to move between $8.07 and $8.85, which gives a possible trading interval of +/-$0.387 (+/-4.57%) up or down from last closing price. If Direxion Daily Technology Bear 3X Shares takes out the full calculated possible swing range there will be an estimated 9.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.51 (0.59%) than the support at $8.18 (3.31%), 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 Technology Bear 3X Shares ETF A Buy?
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.
Current score: 3.798 Buy Candidate Unchanged
Predicted Opening Price for Direxion Daily Technology Bear 3X Shares of Tuesday, April 16, 2024
| Fair opening price April 16, 2024 | Current price |
|---|---|
| $8.27 ( 2.23%) | $8.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TECS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.93 | 5.52 % | |
| R2 | 8.68 | 2.56 % | ||
| R1 | 8.52 | 0.731 % | ||
| Current price: | 8.46 | |||
| Support | S1 | 8.02 | -5.18 % | |
| S2 | 7.87 | -7.01 % | ||
| S3 | 7.62 | -9.97 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.91 | 5.32 % | |
| R2 | 8.73 | 3.19 % | ||
| R1 | 8.51 | 0.591 % | ||
| Current price | 8.46 | |||
| Support | S1 | 8.18 | -3.31% | |
| S2 | 7.94 | -6.15% | ||
| S3 | 7.69 | -9.10% |
TECS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0606 | 0.784% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.123 | 1.24% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.153 | 0.92% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.197 | 1.36% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.271 | 1.09% |
FAQ
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