Direxion Daily Real Estate Bull 3X ETF Forecast
Green day on Monday for Direxion Daily Real Estate Bull 3X
(Updated on Apr 22, 2024)
The Direxion Daily Real Estate Bull 3X ETF price gained 2.20% on the last trading day (Monday, 22nd Apr 2024), rising from $7.26 to $7.42. During the last trading day the ETF fluctuated 4.03% from a day low at $7.20 to a day high of $7.49. The price has fallen in 6 of the last 10 days and is down by -19.7% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 222 thousand more shares were traded than the day before. In total, 992 thousand shares were bought and sold for approximately $7.36 million.
The ETF lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $7.14 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the ETF is expected to fall -9.14% during the next 3 months and, with a 90% probability hold a price between $6.49 and $8.92 at the end of this 3-month period.
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DRN Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 3.49%. Further rise is indicated until a new top pivot has been found. 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 Daily Real Estate Bull 3X 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 $7.47 and $9.07. 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 Real Estate Bull 3X ETF
Direxion Daily Real Estate Bull 3X finds support from accumulated volume at $7.37 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 $0.290 between high and low, or 4.03%. For the last week, the ETF has had daily average volatility of 3.53%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DRN) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Direxion Daily Real Estate Bull 3X ETF to open at $7.37, and during the day (based on 14 day Average True Range), to move between $7.00 and $7.84, which gives a possible trading interval of +/-$0.417 (+/-5.62%) up or down from last closing price. If Direxion Daily Real Estate Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 11.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.37 (0.67%) than the resistance at $8.41 (13.34%), 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 Real Estate Bull 3X ETF ETF A Buy?
Direxion Daily Real Estate Bull 3X 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: -4.074 Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily Real Estate Bull 3X ETF of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $7.37 ( 0.674%) | $7.42 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.66 | 3.23 % | |
| R2 | 7.55 | 1.74 % | ||
| R1 | 7.48 | 0.82 % | ||
| Current price: | 7.42 | |||
| Support | S1 | 7.26 | -2.17 % | |
| S2 | 7.19 | -3.09 % | ||
| S3 | 7.08 | -4.58 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.07 | 22.24 % | |
| R2 | 9.01 | 21.43 % | ||
| R1 | 8.41 | 13.34 % | ||
| Current price | 7.42 | |||
| Support | S1 | 7.37 | -0.674% | |
| S2 | 7.20 | -2.96% | ||
| S3 | 7.17 | -3.37% |
DRN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0412 | 0.457% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0700 | 0.682% |
| 3 | Feb 17, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0650 | 0.96% |
| 4 | Feb 17, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0730 | 0.797% |
| 5 | Feb 17, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0940 | 1.16% |
FAQ
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