TNA pushes through Monday's high
Direxion Small Cap Bull 3X Shares (TNA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TNA finished the month 5.27% higher at 27.39 after gaining $1.00 (3.79%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 26.73, Direxion Small confirmed its breakout through the prior session high after trading up to $0.96 above it intraday.
Daily Candlestick Chart (TNA as at Jun 30, 2020):
Tuesday's trading range has been $1.69 (6.49%), that's below the last trading month's daily average range of $2.37. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TNA.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical support level at 25.82 (S1).
The ETF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the close-by swing high at 28.54 where further buy stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Direxion Small. Out of 417 times, TNA closed higher 56.35% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.40% with an average market move of 0.99%.