Just when it appeared that financial services exchange traded funds , November rolled around and those ETFs found firmer footing.

The Financial Select Sector SPDR Fund (NYSEArca: XLF), the largest sector ETF of any type, is up 1.6% since the start of the month while the rival iShares U.S. Financials ETF (NYSEArca: IYF) is higher by about 1.4%.

That is good news for those expecting a breakout in the Direxion Daily Financial Bull 3X Shares (NYSEArca: FAS), a move that has been in the making for several weeks. [Timing Could be Right to Bet on Big Bank ETFs]

“After shaking all the longs out with a close below the 20-day exponential moving average and downtrend line last Thursday, FAS has closed above that moving average in each of the past four sessions,” writes Deron Wagner of Morpheus Trading Group.

FAS, which tracks the Russell 1000 Financial Services Index, is up nearly 7% in the past five session.

“FAS printed a bullish reversal candle yesterday, after opening slightly below Tuesday’s low and closing above Tuesday’s high on a pick up in volume,” added Wagner. “We now look for the price action to break above the three-day high and move to new highs within the next few days. “

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