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Direxion Energy Bull 2X Shares (NYSE:ERX) was trading slightly lower in consolidation on Tuesday, after momentum within an uptrend caused the ETF to rally over 14% between Oct. 19 and Monday.
The energy sector has been enjoying a recent bull cycle, which began on Sept. 26 when Exxon Mobil Corp (NYSE:XOM) bounced up off the 200-day simple moving average and reversed course into an uptrend.
Exxon was also consolidating on Tuesday, perhaps in preparation for a move before or after the oil and gas giant reports quarterly earnings on Friday.
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ERX, a double-leveraged fund designed to outperform companies held in the S&P Energy Select Sector Index by 200%, includes a variety of energy-related stocks. A few of the top 10 names in the ETF include:
It's worth noting that leveraged ETFs are meant to be used as a trading vehicle as opposed to long-term investments.
Traders wishing to play the energy sector to the downside may consider the inverse ETF: Direxion Energy Bear 2X Shares (NYSE:ERY).
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The ERX Chart: ERX was trading in an inside bar pattern Tuesday, with all of the price action taking place within Monday’s range. The inside bar leans bullish in this case because ERX was trading higher before forming the pattern.