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Bearish Moving Average Cross by ProShares Ultra DJ-UBS Crude Oil (UCO)

By David Diaz

ProShares Ultra DJ-UBS Crude Oil (NYSE:UCO) shares have crossed bearishly below their 10-day moving average of $8.06 on a volume of 4.3 million shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Over the past year, ProShares Ultra DJ-UBS Crude Oil has traded in a range of $7.30 to $40.17 and is now at $7.61, 4% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 2.2% while the 50-day MA has declined 9.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of ProShares Ultra DJ-UBS Crude Oil on July 31st, 2014 by issuing a Downtrend alert when the shares were trading at $34.81. Since that call, shares of ProShares Ultra DJ-UBS Crude Oil have fallen 76.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: moving crosses proshares ultra dj-ubs crude oil

Ticker(s): UCO