Watch for Direxion Daily Small Cap Bear 3X Shares to Potentially Pullback After Gaining 4.82% Yesterday
Direxion Daily Small Cap Bear 3X Shares (NYSE:TZA) traded in a range yesterday that spanned from a low of $26.86 to a high of $28.22. Yesterday, the shares gained 4.8%, which took the trading range above the 3-day high of $28.11 on volume of 5.3 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 Small Cap Bear 3X Shares has traded in a range of $8.81 to $74.00 and is now at $28.08, 219% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 1.7% while the 50-day MA has declined 3%.
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 14.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
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