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Bearish Moving Average Cross by Direxion Daily Semiconductors Bull 3x (SOXL)

By James Quinn

Direxion Daily Semiconductors Bull 3x (NYSE:SOXL) shares have crossed bearishly below their 10-day moving average of $22.69 on a volume of 136K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

Direxion Daily Semiconductors Bull 3x share prices have moved between a 52-week high of $150.41 and a 52-week low of $14.83 and are now trading 51% above that low price at $22.34 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.9%.

SmarTrend recommended that subscribers consider buying shares of Direxion Daily Semiconductors Bull 3x on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.38. Since that recommendation, shares of Direxion Daily Semiconductors Bull 3x have risen 12.1%. We continue to monitor SOXL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses direxion daily semiconductors bull 3x

Ticker(s): SOXL