Direxion Daily Energy Bear 2X Shares (ERY) Enters Oversold Territory

In the case of Direxion Daily Energy Bear 2X Shares, the RSI reading has hit 29.1 — by comparison, the RSI reading for the S&P 500 is currently 65.7.

A bullish investor could look at ERY's 29.1 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance (below), ERY's low point in its 52 week range is $9.4737 per share, with $23.02 as the 52 week high point — that compares with a last trade of $9.54. Direxion Daily Energy Bear 2X Shares shares are currently trading down about 2.8% on the day.

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