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The Direxion Small Cap Bull 3x Shares (TNA) has been consolidating along its 20-day EMA as it has been setting a sequence of higher lows. This contraction in price action is one of the things we look for in stocks that are potential long candidates. Yesterday, on a big spike in volume, TNA undercut its 20-day EMA but recovered to close back above this key mark and at the three day high. A move above yesterday’s high of $47.64 could provide a buying opportunity in this ETF.

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