From a technical view, the ETF has pushed above a key declining trend line which has been in place since September 2013.
Regarding technical indicators, the daily RSI broke above a bearish trend line.
On a relative basis against the S&P 500, the Direxion Daily Financial Bear 3X Shares (FAZ) is reversing up and looks set for a rebound.
Trading strategy:
Buy at $29.17; Stop loss at $26.75; Target at $33.27