In the case of Direxion Daily ORCL Bear 1X, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 87.2. A bullish investor could look at ORCS's 29.4 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), ORCS's low point in its 52 week range is $23.7976 per share, with $38.55 as the 52 week high point — that compares with a last trade of $24.66. Direxion Daily ORCL Bear 1X shares are currently trading off about 3.7% on the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
