Direxion Daily S&P 500® Bear 3x Shares (SPXS)

Trading Central
updated | Author's Website

The upside prevails

From a technical view, the ETF has validated a falling wedge pattern which should spark a rebound in coming days.



Regarding technical indicators, the daily RSI is supported by a bullish trend line and the 20 day simple moving average is rising and maintains upward momentum.



On a relative basis against the S&P500, the Direxion Large Cap Bear 3X Shares has broken above a key resistance area and looks set for a rebound.



Trading strategy:

Buy @ $17.87 – Stop loss @ $17.10 – Target @ $19.5

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