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Since selling pressure hit the market in early May, the Direxion Financial Bear 3x ETF (FAZ) has shown relative strength, as it was one of the first inverse ETFs to break out during the selloff. Yesterday, FAZ managed to hold support at Friday’s low as financials remained weak. An undercut of the 10-day MA and the formation of a reversal candle could offer a buying opportunity in this ETF. We will be monitoring FAZ closely for a potential long entry.

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