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Since rallying to reclaim its 200-day moving average in mid May of this year, the Direxion Daily China Bear 3x ETF (YANG) has been consolidating in a range between fourteen and eighteen dollars. Over the past ten sessions, YANG has been holding support of its uptrending 20-day EMA. Yesterday, on a pickup in volume, this ETF gapped up and momentarily rallied above resistance of the trading range. YANG could offer a buying opportunity on a pullback into support of its 20-day EMA. We will be following this inverse ETF closely as a potential long candidate.

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