long double bottom playSPXL is a 3X leverage ETF of the S&P 500. Due to the recent sell off, we are revisiting the recent bottom. Price has broken the EMA(100) and has a short fall to the EMA(200). Dropping to the (200), we should hopefully form a double bottom and have a good footing to move up for the rest of the year especially if people can regain confidence in the economy. People are selling due to the rate hikes, and like all things (such as the bond yield that cause a sell off in February) people will forget and move on. Buying in at the (200) and selling at the upper bollinger band or at an RSI of 56 or 70 depending on your choice can offer some good rewards of 25-35% profit.
