Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) Technical Update

Posted by: : Viraj ShahPosted on: April 21, 2014 Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) Technical Update

Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) trimmed a little on Thursday. the stock managed to recover from its intraday low of $20.34 to consolidate at $20.50 with a loss of 0.19%.

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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Bank of America came out with its Q1 2014 result which stated a loss of $276 million, Direxion is a fund that invests in such banks.

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Viraj Shah

Analyst at HEFFX
HEFFX Trading Room is lead by Shayne Heffernan and research from the Trading Desk is prepared by contributor Cyrus, Cyrus has done a M.Com (Finance) and currently pursuing CFP. He is a technical analyst who tracks US markets along with other global markets like India very closely. He is very passionate about stocks and believes that money can always be made in market.
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