- Price action oscillating around key resistance at $59.49
- Despite adding $1.36 today, Direxion Daily Energy Bull 2X Shares ventured below $58.25 (3 day Simple Moving Average) in earlier trade
While Direxion Daily Energy Bull 2X Shares was in the midst of a 3 day downtrend— in which it lost a total of 5.16%— A possible change of direction spotted from yesterday; with a daily low of $57.83, Direxion Daily Energy Bull 2X Shares closed yesterday at $58.12, after ending Friday at $56.76 and gaining $1.36 (2.4%).
Direxion Daily Energy Bull 2X Shares is now trading 27.8% below the significant high of $78.61 it set around 4 months ago.
Although Direxion Daily Energy Bull 2X Shares is appreciating today after rising as high as $60.03, price action is now slowing and consolidating around $1.37 below the $59.49 resistance level. Despite posting gains on yesterday, Direxion Daily Energy Bull 2X Shares slid below its 3 day Simple Moving Average at $58.25 during the last session — an early indicator that a negative trend could be emerging.
Overall, looking at the technical analysis landscape, it seems Direxion Daily Energy Bull 2X Shares is likely to reverse course and start pointing down in the short term.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
Direxion Daily Energy Bull 2X Shares shows positive signs, other assets are also on par: ARK Innovation ETF shoots up 7.03% yesterday and closed at $34. Amazon is trading around $113.79 after ending yesterday's session at $106.9 (up 6.45% today).
At the same time, iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF moves 0.04% yesterday and closed at $25.36.
Upcoming fundamentals: United States Crude Oil Inventories projected to decline to 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC.