Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) Technical Update
Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) has been on a downward trend in the last couple of trading sessions, the stock saw some recovery in the previous week, but continues to show weakness and has been on a downward bias. The daily charts suggest the stock has been trading in a very volatile manner with no formidable trend.
The momentum indicators for the stock on the daily charts are in the overbought zone with an indication on a downward turn, this implies the stock might continue to slide downwards with very weak upside, the relative strength index for the stock shows a downward direction, the relative strength index is in the no trade zone with a downward curve, this is a bearish sign, the stock has shown weakness over the last month and may continue to trade in the red zone.
Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) is currently trading just shy of its 50 day moving average which stands at $20.76 and substantially below its 200 day moving average which stands at $25.09. This indicated the stock has lost a significant amount in the previous months with strong resistances on the upside.
On the upside the stock has a strong resistance around $22.21 and a close above this level could open the window for its next target which is around $25.35.
On the downside the stock has support around $19.31.
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