Direxion Daily FTSE China Bear 3X ETF Forecast
A very red day for Direxion Daily FTSE China Bear 3X ETF price after a -5.47% fall in the Thursday trading session
(Updated on Apr 18, 2024)
The Direxion Daily FTSE China Bear 3X ETF price fell by -5.47% on the last day (Thursday, 18th Apr 2024) from $12.25 to $11.58. During the last trading day the ETF fluctuated 2.52% from a day low at $11.49 to a day high of $11.78. The price has been going up and down for this period, and there has been a 2.66% 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 -19 thousand shares and in total, 3 million shares were bought and sold for approximately $39.47 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 -29.86% during the next 3 months and, with a 90% probability hold a price between $7.16 and $9.12 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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YANG Signals & Forecast
There are mixed signals in the ETF today. The Direxion Daily FTSE China Bear 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 $11.66 and $11.77. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Thursday, April 11, 2024, and so far it has risen 7.02%. 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).
Support, Risk & Stop-loss for Direxion Daily FTSE China Bear 3X ETF
Direxion Daily FTSE China Bear 3X finds support from accumulated volume at $11.55 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 $0.290 between high and low, or 2.52%. For the last week, the ETF has had daily average volatility of 3.54%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (YANG) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Direxion Daily FTSE China Bear 3X ETF to open at $11.62, and during the day (based on 14 day Average True Range), to move between $11.02 and $12.14, which gives a possible trading interval of +/-$0.562 (+/-4.85%) up or down from last closing price. If Direxion Daily FTSE China Bear 3X ETF takes out the full calculated possible swing range there will be an estimated 9.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.55 (0.26%) than the resistance at $11.83 (2.16%), 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 FTSE China Bear 3X ETF ETF A Buy?
Direxion Daily FTSE China 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Sell candidate.
Current score: -1.982 Sell Candidate Downgraded
Predicted Opening Price for Direxion Daily FTSE China Bear 3X ETF of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $11.62 ( 0.317%) | $11.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for YANG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.91 | 2.82 % | |
| R2 | 11.80 | 1.86 % | ||
| R1 | 11.73 | 1.27 % | ||
| Current price: | 11.58 | |||
| Support | S1 | 11.51 | -0.640 % | |
| S2 | 11.44 | -1.23 % | ||
| S3 | 11.33 | -2.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.57 | 17.18 % | |
| R2 | 12.68 | 9.50 % | ||
| R1 | 11.83 | 2.16 % | ||
| Current price | 11.58 | |||
| Support | S1 | 11.55 | -0.259% | |
| S2 | 10.99 | -5.09% | ||
| S3 | 10.89 | -5.96% |
YANG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0956 | 0.80% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.140 | 1.04% |
| 3 | Mar 23, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0900 | 0.81% |
| 4 | Mar 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.0800 | 0.748% |
| 5 | Mar 20, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.158 | 1.66% |
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