Direxion Daily Gold Miners Bull 2X ETF Forecast
Direxion Daily Gold Miners Bull 2X ETF price down 0.228% on Tuesday
(Updated on May 07, 2024)
The Direxion Daily Gold Miners Bull 2X ETF price fell by -0.228% on the last day (Tuesday, 7th May 2024) from $39.49 to $39.40. During the last trading day the ETF fluctuated 2.09% from a day low at $38.80 to a day high of $39.61. The price has risen in 7 of the last 10 days and is up by 6.17% over the past 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 -840 thousand shares and in total, 1 million shares were bought and sold for approximately $50.09 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 72.80% during the next 3 months and, with a 90% probability hold a price between $64.82 and $73.84 at the end of this 3-month period.
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NUGT Signals & Forecast
The Direxion Daily Gold Miners Bull 2X 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 $38.64 and $36.74. A breakdown below any of these levels will issue sell signals. 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, April 29, 2024, and so far it has fallen -3.81%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Bull 2X ETF
Direxion Daily Gold Miners Bull 2X finds support from accumulated volume at $38.93 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 $0.81 between high and low, or 2.09%. For the last week, the ETF has had daily average volatility of 4.13%.
Our recommended stop-loss: $37.43 (-5.01%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (NUGT) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect Direxion Daily Gold Miners Bull 2X ETF to open at $39.27, and during the day (based on 14 day Average True Range), to move between $37.30 and $41.50, which gives a possible trading interval of +/-$2.10 (+/-5.34%) up or down from last closing price. If Direxion Daily Gold Miners Bull 2X ETF takes out the full calculated possible swing range there will be an estimated 10.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $38.93 (1.19%) than the resistance at $39.90 (1.27%), 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 Gold Miners Bull 2X ETF ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Direxion Daily Gold Miners Bull 2X ETF to perform well in the short-term.
Current score: 3.476 Buy Candidate Unchanged
Predicted Opening Price for Direxion Daily Gold Miners Bull 2X ETF of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $39.27 ( 0.330%) | $39.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NUGT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.08 | 1.73 % | |
| R2 | 39.77 | 0.94 % | ||
| R1 | 39.58 | 0.455 % | ||
| Current price: | 39.40 | |||
| Support | S1 | 38.96 | -1.12 % | |
| S2 | 38.77 | -1.60 % | ||
| S3 | 38.46 | -2.39 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.52 | 2.84 % | |
| R2 | 39.99 | 1.50 % | ||
| R1 | 39.90 | 1.27 % | ||
| Current price | 39.40 | |||
| Support | S1 | 38.93 | -1.19% | |
| S2 | 38.29 | -2.82% | ||
| S3 | 30.63 | -22.26% |
NUGT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.198 | 0.648% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.329 | 0.92% |
| 3 | Feb 11, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.110 | 0.385% |
| 4 | Feb 11, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0870 | 0.264% |
| 5 | Feb 11, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.0530 | 0.127% |
FAQ
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