Direxion Daily Technical Buy Point
Trading Central | Nov 02, 2014 01:32AM ET
*the Direxion Daily Energy Bull 3x Shares (NYSE:ERX) is supported by a rising trend line drawn from the bottom in 2014
*the break above 82.30 should have major bullish implications towards 93
Regarding technical indicators:
*the MACD is psoitive and above the signal line
*the 20-period and 50-period moving averages are heading up
On a relative basis against the Direxion Daily Large Cap Bull 3X Shares (ARCA:SPXL) S&P 500 Bull x3:
*a support has formed at 0.971 and a declining trend line is broken. Look for a rebound on the ratio ERX/SPXL
- LAST: $83.10
- ENTRY: 83.10 [possible entry area: 80.30 - 84.20]
- STOP: 77.60 (-6.62%)
- TARGET : 93.00 (11.91%)
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