Direxion Daily Financial Bull 3X ETF Forecast
Direxion Daily Financial Bull 3X ETF downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The Direxion Daily Financial Bull 3X ETF price fell by -1.72% on the last day (Thursday, 25th Apr 2024) from $103.20 to $101.43. During the last trading day the ETF fluctuated 3.77% from a day low at $98.69 to a day high of $102.41. The price has been going up and down for this period, and there has been a 1.06% gain for the last 2 weeks. Volume has increased on the last day by 93 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 517 thousand shares were bought and sold for approximately $52.39 million.
The ETF lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 14.46% during the next 3 months and, with a 90% probability hold a price between $107.98 and $133.60 at the end of this 3-month period.
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FAS Signals & Forecast
There are mixed signals in the ETF today. The Direxion Daily Financial Bull 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 $103.50. On a fall, the ETF will find some support from the short-term average at $99.29. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 9.45%. Further rise is indicated until a new top pivot has been found.
Support, Risk & Stop-loss for Direxion Daily Financial Bull 3X ETF
Direxion Daily Financial Bull 3X finds support from accumulated volume at $100.37 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 $3.72 between high and low, or 3.77%. For the last week, the ETF has had daily average volatility of 3.22%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FAS) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Direxion Daily Financial Bull 3X ETF to open at $100.84, and during the day (based on 14 day Average True Range), to move between $97.69 and $105.17, which gives a possible trading interval of +/-$3.74 (+/-3.69%) up or down from last closing price. If Direxion Daily Financial Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 7.38% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $102.20 (0.76%) than the support at $100.37 (1.05%), 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 Financial Bull 3X ETF ETF A Buy?
Direxion Daily Financial Bull 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.280 Sell Candidate Downgraded
Predicted Opening Price for Direxion Daily Financial Bull 3X ETF of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $100.84 ( 0.577%) | $101.43 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FAS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 104.56 | 3.09 % | |
| R2 | 103.14 | 1.69 % | ||
| R1 | 102.26 | 0.82 % | ||
| Current price: | 101.43 | |||
| Support | S1 | 99.42 | -1.98 % | |
| S2 | 98.55 | -2.84 % | ||
| S3 | 97.13 | -4.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 111.14 | 9.57 % | |
| R2 | 102.31 | 0.87 % | ||
| R1 | 102.20 | 0.759 % | ||
| Current price | 101.43 | |||
| Support | S1 | 100.37 | -1.05% | |
| S2 | 95.34 | -6.00% | ||
| S3 | 92.53 | -8.77% |
FAS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.364 | 0.340% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.383 | 0.477% |
| 3 | Feb 10, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.293 | 0.492% |
| 4 | Feb 10, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.621 | 1.05% |
| 5 | Feb 10, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.166 | 0.308% |
FAQ
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