August 21, 2013 at 15:41 PM EDT
Rebound In Sight For The Direxion Shares Exchange Traded Fund Trust (NUGT)
NYSEARCA:NUGT Related posts: Rebound In Sight For The Direxion Daily Gold Miners Bull 3x Shares (NUGT) Safe To Say Gold Is Not A Crowded Trade Anymore? Direxion Shares Exchange Traded Fund Trust Rebound Expected In The Direxion Daily Gold Miners Bull 3x Shares ETF (NUGT) The Best Short Gold ETFs Of 2013: Direxion Shares Exchange Traded Fund Trust, VelocityShares 3x Inverse Gold ETN Expect A Rebound In The Direxion Daily 20+ Year Treasury Bear 3x Shares (TMV)

buyers and sellersTrading Central: From a technical view, the ETF has validated a double bottom pattern (bullish) with a neckline set around 85.00. The neckline should act as a key support area (stop loss).

Regarding technical indicators, the daily MACD is supported by a bullish trend line which maintains upward momentum.

On a relative basis against the S&P500, the Direxion Gold Miners Bull 3x Shares has pushed above a key resistance and looks set for a rebound.

Trading strategy:
Buy @ $91.41 – Stop loss @ $85 – Target @ $140

Ratio NUGT versus SP 500
REBOUND

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Product description

The Daily Gold Miners Bull 3x is a leveraged shares seeks daily investment results, before fees and expenses of 300% of the performance of the NYSE Arca GoldMiners Index (“Gold Miners Index”). This fund is more volatile than a non-leveraged ETF and should not be expected to provide three times the return of the benchmark’s cumulative return for periods greater than a day. There is no guarantee that fund will meet its stated investment objective.

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Glossary
Double bottom: reversal pattern which occurs at the end of a downtrend. This figure is often characterized by lower volumes during the second extreme, showing the decreasing interest of investors and the expectation of a trend reversal.MACD: this indicator (Moving Average Convergence / Divergence) reflects a difference between moving averages and refers to the ascendancy or not of the mid-term relative to the short term. The considered average lengths are respectively 26 days (0.075 exponential coefficient) and 12 days (exponential coefficient of 0.15).

For more information on Direxion ETF go to: http://www.direxionfunds.com/


Disclaimer
The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Rafferty Asset Management, LLC, the advisor of the Direxion Shares ETFs, has formed a relationship with TRADING Central to sponsor this trade alert program and to have a subset of Direxion Shares ETFs considered by TRADING Central’s model, however, any opinion offered herein reflects TRADING Central’s current judgment and may change without notice. Rafferty Asset Management, does not provide investment advice or opinions to TRADING Central. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterized by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.

Services in the U.S. are offered through TRADING Central Americas, Inc. SEC Registered Investment Adviser (IARD/CRD 801-67210)

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You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

Related posts:

  1. Rebound In Sight For The Direxion Daily Gold Miners Bull 3x Shares (NUGT)
  2. Safe To Say Gold Is Not A Crowded Trade Anymore? Direxion Shares Exchange Traded Fund Trust
  3. Rebound Expected In The Direxion Daily Gold Miners Bull 3x Shares ETF (NUGT)
  4. The Best Short Gold ETFs Of 2013: Direxion Shares Exchange Traded Fund Trust, VelocityShares 3x Inverse Gold ETN
  5. Expect A Rebound In The Direxion Daily 20+ Year Treasury Bear 3x Shares (TMV)

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