DRIP Stock Summary and Trading Ideas (Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X | ARCA:DRIP)

The Fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the performance of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index (SPSIOPTR) is provided by Standard & Poor's Index Provider and includes domestic companies from the oil and gas exploration and production sub-industry. The Index is a modified equal-weighted index that is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards (GICS)

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X trades on the ARCA stock market under the symbol DRIP.

As of August 28, 2024, DRIP stock price climbed to $10.65 with 1,747,248 million shares trading.

DRIP has a beta of -1.04, meaning it tends to be less sensitive to market movements. DRIP has a correlation of 0.08 to the broad based SPY ETF.

DRIP has a market cap of $41.62 million. This is considered a Sub-Micro Cap stock.

In the last 3 years, DRIP stock traded as high as $91.50 and as low as $7.87.

DRIP has underperformed the market in the last year with a price return of +6.2% while the SPY ETF gained +28.5%. However, in the short term, DRIP had mixed performance relative to the market. It has outperformed in the last 3 months, returning +14.1% vs +5.8% return in SPY. But in the last 2 weeks, DRIP shares have been beat by the market, returning -1.2% compared to an SPY return of +3.0%.

DRIP support price is $10.19 and resistance is $10.95 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that DRIP stock will trade within this expected range on the day.