Direxion Daily Cnsmr Discret Bull 3XShrs ETF Forecast
Direxion Daily Cnsmr Discret Bull 3XShrs ETF upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 17, 2024)
The Direxion Daily Cnsmr Discret Bull 3XShrs ETF price gained 1.28% on the last trading day (Friday, 17th May 2024), rising from $31.20 to $31.60. During the last trading day the ETF fluctuated 2.03% from a day low at $30.97 to a day high of $31.60. The price has been going up and down for this period, and there has been a 0.57% gain for the last 2 weeks. Volume fell on the last day by -11 thousand shares and in total, 12 thousand shares were bought and sold for approximately $388.49 thousand. 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 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 $33.00 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 -13.07% during the next 3 months and, with a 90% probability hold a price between $22.59 and $28.69 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.
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WANT Signals & Forecast
The Direxion Daily Cnsmr Discret Bull 3XShrs 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 $31.57 and $31.22. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -2.32%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Direxion Daily Cnsmr Discret Bull 3XShrs ETF
Direxion Daily Cnsmr Discret Bull 3XShrs finds support from accumulated volume at $30.59 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, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0.630 between high and low, or 2.03%. For the last week the ETF has had daily average volatility of 2.08%.
Our recommended stop-loss: $30.29 (-4.13%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (WANT) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Direxion Daily Cnsmr Discret Bull 3XShrs to open at $31.39, and during the day (based on 14 day Average True Range), to move between $30.53 and $32.67, which gives a possible trading interval of +/-$1.07 (+/-3.39%) up or down from last closing price. If Direxion Daily Cnsmr Discret Bull 3XShrs takes out the full calculated possible swing range there will be an estimated 6.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $30.59 (3.20%) than the resistance at $33.32 (5.44%), 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 Cnsmr Discret Bull 3XShrs ETF A Buy?
Direxion Daily Cnsmr Discret Bull 3XShrs holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.923 Hold/Accumulate Upgraded
Predicted Opening Price for Direxion Daily Cnsmr Discret Bull 3XShrs of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $31.39 ( 0.665%) | $31.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WANT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.02 | 1.33 % | |
| R2 | 31.78 | 0.568 % | ||
| R1 | 31.63 | 0.0970 % | ||
| Current price: | 31.60 | |||
| Support | S1 | 31.15 | -1.43 % | |
| S2 | 31.00 | -1.90 % | ||
| S3 | 30.76 | -2.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.55 | 12.50 % | |
| R2 | 33.71 | 6.68 % | ||
| R1 | 33.32 | 5.44 % | ||
| Current price | 31.60 | |||
| Support | S1 | 30.59 | -3.20% | |
| S2 | 29.86 | -5.51% | ||
| S3 | 28.96 | -8.35% |
WANT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0954 | 0.275% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0620 | 0.175% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0090 | 0.0354% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0400 | 0.127% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0440 | 0.221% |
FAQ
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