Direxion Daily S&P 500® Bull 3x Shares (SPXL)

Trading Central
updated | Author's Website

BOUNCE EXPECTED

From a technical view, the ETF is bouncing off a key rising trend line drawn from November 2011.



Regarding technical indicators, the daily RSI is reversing up from its support level set at 30 while intraday technical indicators are validating bullish divergences calling for a bounce.



On a relative basis against the S&P500, the Direxion Daily S&P 500® Bull 3x Shares is facing its 61.8% Fibonacci retracement and looks set for a rebound.





Trading strategy:

Buy @ $75.46 – Stop loss @ $73.15 – Target @ $81

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