Direxion Dialy Small Cap Bull 3x Shares ETF Forecast

Direxion Dialy Small Cap Bull 3x Shares ETF upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 03, 2024)

TNA Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 13.77%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Direxion Dialy Small Cap 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 $37.40. On a fall, the ETF will find some support from the short-term average at $35.28. 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. The ETF had a Golden Star Signal on Tuesday, June 27, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for Direxion Dialy Small Cap Bull 3x Shares ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $34.74 and $34.11. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Direxion Dialy Small Cap Bull 3x Shares finds support just below today's level at $34.74. If this is broken, then the next support from accumulated volume will be at $34.11 and $33.64.

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 $1.62 between high and low, or 4.41%. For the last week, the ETF has had daily average volatility of 4.97%.

Our recommended stop-loss: $35.65 (-3.78%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (TNA) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Direxion Dialy Small Cap Bull 3x Shares to open at $37.33, and during the day (based on 14 day Average True Range), to move between $35.09 and $39.01, which gives a possible trading interval of +/-$1.96 (+/-5.28%) up or down from last closing price. If Direxion Dialy Small Cap Bull 3x Shares takes out the full calculated possible swing range there will be an estimated 10.55% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $37.12 (0.19%) than the support at $34.74 (6.23%), 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 Dialy Small Cap Bull 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. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.217 Buy Candidate Upgraded

Predicted Opening Price for Direxion Dialy Small Cap Bull 3x Shares of Monday, May 6, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.