Look for Shares of Direxion Daily Small Cap Bear 3X Shares to Potentially Rebound after Yesterday's 1.74% Sell Off
Direxion Daily Small Cap Bear 3X Shares (NYSE:TZA) traded in a range yesterday that spanned from a low of $27.36 to a high of $27.97. Yesterday, the shares fell 1.7%, which took the trading range below the 3-day low of $27.62 on volume of 5.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Over the past year, Direxion Daily Small Cap Bear 3X Shares has traded in a range of $8.81 to $74.00 and is now at $27.55, 213% above that low. The 200-day and 50-day moving averages have moved 1.67% higher and 2.97% lower over the past week, respectively.
SmarTrend recommended that its subscribers protect gains by selling shares of Direxion Daily Small Cap Bear 3X Shares on July 12th, 2016 by issuing a Downtrend alert when the shares were trading at $31.25. Since that call, shares of Direxion Daily Small Cap Bear 3X Shares have fallen 9.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
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