Direxion Daily Gold Miners Bear 3X ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Red day on Tuesday for Direxion Daily Gold Miners Bear 3X
(Updated on Apr 23, 2024)
The Direxion Daily Gold Miners Bear 3X ETF price fell by -2.87% on the last day (Tuesday, 23rd Apr 2024) from $8.70 to $8.45. During the last trading day the ETF fluctuated 6.02% from a day low at $8.41 to a day high of $8.92. The price has been going up and down for this period, and there has been a 6.42% gain for the last 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -2 million shares and in total, 11 million shares were bought and sold for approximately $94.82 million.
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 -36.17% during the next 3 months and, with a 90% probability hold a price between $4.50 and $6.85 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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DUST Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 7.92%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Direxion Daily Gold Miners Bear 3X 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 $9.52. On a fall, the ETF will find some support from the short-term average at $8.34. 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. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Direxion Daily Gold Miners Bear 3X ETF
Direxion Daily Gold Miners Bear 3X finds support from accumulated volume at $8.27 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 $0.507 between high and low, or 6.02%. For the last week, the ETF has had daily average volatility of 4.65%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DUST) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Direxion Daily Gold Miners Bear 3X ETF to open at $8.59, and during the day (based on 14 day Average True Range), to move between $7.91 and $8.99, which gives a possible trading interval of +/-$0.542 (+/-6.42%) up or down from last closing price. If Direxion Daily Gold Miners Bear 3X ETF takes out the full calculated possible swing range there will be an estimated 12.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.53 (0.95%) than the support at $8.27 (2.13%), 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 Gold Miners Bear 3X ETF ETF A Buy?
Direxion Daily Gold Miners Bear 3X holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.
Current score: -2.792 Sell Candidate Unchanged
Predicted Opening Price for Direxion Daily Gold Miners Bear 3X ETF of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $8.59 ( 1.71%) | $8.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DUST
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.10 | 7.70 % | |
| R2 | 8.91 | 5.41 % | ||
| R1 | 8.79 | 4.00 % | ||
| Current price: | 8.45 | |||
| Support | S1 | 8.40 | -0.581 % | |
| S2 | 8.28 | -2.00 % | ||
| S3 | 8.09 | -4.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.90 | 5.33 % | |
| R2 | 8.70 | 2.96 % | ||
| R1 | 8.53 | 0.95 % | ||
| Current price | 8.45 | |||
| Support | S1 | 8.27 | -2.13% | |
| S2 | 8.17 | -3.31% | ||
| S3 | 7.99 | -5.44% |
DUST Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.152 | 1.44% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.0640 | 0.640% |
| 3 | Feb 10, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.137 | 0.99% |
| 4 | Feb 10, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0980 | 0.761% |
| 5 | Feb 10, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.157 | 1.45% |
FAQ
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