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Watch for Direxion Daily Financial Bear 3X Shares to Potentially Pullback After Gaining 2.37% Yesterday
Feb 14, 2012 (SmarTrend(R) News Watch via COMTEX) --
Direxion Daily Financial Bear 3X Shares (NYSE:FAZ) traded in a range yesterday that spanned from a low of $26.28 to a high of $27.20. Yesterday, the shares gained 2.4%, which took the trading range above the 3-day high of $27.00 on volume of 17.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Direxion Daily Financial Bear 3X Shares has traded in a range of $25.27 to $81.50 and is now at $26.61, 5% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.5% while the 200-day MA has slid 0.4%.
SmarTrend recommended that its subscribers protect gains by selling shares of Direxion Daily Financial Bear 3X Shares on November 30th, 2011 by issuing a Downtrend alert when the shares were trading at $43.36. Since that call, shares of Direxion Daily Financial Bear 3X Shares have fallen 40.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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