Summary
• MicroSectors FANG+ Index -3X Inverse Leveraged ETN (FNGD) fell 1.2% to $5.265 in intraday trading.
• The ETN is trading below short-term moving averages, with a significant 80.7% decline from its 52-week high of $28.74.
• Today’s trading volume exceeded 34.5 million shares, indicating increased interest amid negative price movement.
MicroSectors FANG+ Index -3X Inverse Leveraged ETN (FNGD) is currently priced at $5.265 after a decrease of 1.2% during intraday trading. This is a drop of approximately $0.065 since the last recorded price, indicating a continued decline without a defined catalyst.
Market and Technical Picture
The recent performance metrics reveal that FNGD is trading significantly below its short-term moving averages, with a 20-day simple moving average (SMA) at $11.12 and a 50-day SMA at $11.65. The stock remains well off its 52-week high of $28.74, reflecting a dramatic shift in value of approximately 80.7% over the past year, showcasing the volatility typical of leveraged ETFs. The 14-day Relative Strength Index (RSI) stands at 66.06, suggesting that while the stock is approaching overbought territory, it has not yet reached it.
The average volume over the past 10 days was approximately 28.9 million shares, significantly higher than the 3-month average volume of about 18.1 million shares, indicating heightened trading activity. Today’s trading session has seen a volume of over 34.5 million shares, suggesting strong interest but not necessarily positive momentum.
[chart type=’price’ value=’FNGD’]
Outlook
Despite the intraday drop, FNGD continues to generate significant trading activity. Investors may be closely monitoring the leveraged ETF’s performance as market conditions evolve, particularly concerning the movements of the underlying FANG+ index and overall market sentiment.