Direxion Daily FTSE China Bull 3X ETF Forecast
Strong day for Direxion Daily FTSE China Bull 3X ETF price on Wednesday rising 5.37% to $21.60
(Updated on Apr 24, 2024)
The Direxion Daily FTSE China Bull 3X ETF price gained 5.37% on the last trading day (Wednesday, 24th Apr 2024), rising from $20.50 to $21.60. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 2.14% from a day low at $21.28 to a day high of $21.73. The price has risen in 6 of the last 10 days and is up by 8.16% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 7 million shares were bought and sold for approximately $152.93 million.
The ETF lies in the middle of a very 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 21.56% during the next 3 months and, with a 90% probability hold a price between $21.83 and $27.78 at the end of this 3-month period.
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YINN Signals & Forecast
The Direxion Daily FTSE China Bull 3X 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 $19.30 and $19.25. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 20.67%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Direxion Daily FTSE China Bull 3X ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $20.50 and $17.82. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Direxion Daily FTSE China Bull 3X finds support just below today's level at $20.50. If this is broken, then the next support from accumulated volume will be at $17.82 and $16.63.
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 $0.455 between high and low, or 2.14%. For the last week, the ETF has had daily average volatility of 2.73%.
Our recommended stop-loss: $20.78 (-3.78%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 5 days ago.)
Trading Expectations (YINN) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Direxion Daily FTSE China Bull 3X ETF to open at $21.54, and during the day (based on 14 day Average True Range), to move between $20.71 and $22.49, which gives a possible trading interval of +/-$0.89 (+/-4.11%) up or down from last closing price. If Direxion Daily FTSE China Bull 3X ETF takes out the full calculated possible swing range there will be an estimated 8.23% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $20.50, some $1.10 (5.09%) from the current price of $21.60, our system finds the risk reward attractive.
Is Direxion Daily FTSE China Bull 3X 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 FTSE China Bull 3X ETF to perform well in the short-term.
Current score: 4.606 Buy Candidate Unchanged
Predicted Opening Price for Direxion Daily FTSE China Bull 3X ETF of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $21.54 ( 0.301%) | $21.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for YINN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.99 | 1.81 % | |
| R2 | 21.82 | 1.00 % | ||
| R1 | 21.71 | 0.504 % | ||
| Current price: | 21.60 | |||
| Support | S1 | 21.36 | -1.11 % | |
| S2 | 21.25 | -1.60 % | ||
| S3 | 21.08 | -2.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 21.60 | |||
| Support | S1 | 20.50 | -5.09% | |
| S2 | 17.82 | -17.50% | ||
| S3 | 16.63 | -23.01% |
YINN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Mar 19, 2024 | Mar 26, 2024 | $0.0489 | 0.263% |
| 2 | Dec 21, 2023 | Dec 21, 2023 | Dec 21, 2023 | $0.393 | 1.94% |
| 3 | Feb 17, 2023 | Sep 19, 2023 | Sep 26, 2023 | $0.0650 | 0.229% |
| 4 | Feb 17, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.236 | 0.674% |
| 5 | Feb 17, 2023 | Mar 21, 2023 | Mar 28, 2023 | $0.179 | 0.382% |
FAQ
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