Look for Shares of ProShares UltraPro S&P 500 to Potentially Pullback after Yesterday's 1.49% Rise
ProShares UltraPro S&P 500 (NYSE:UPRO) traded in a range yesterday that spanned from a low of $74.78 to a high of $75.68. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $75.62 on volume of 907,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, ProShares UltraPro S&P 500 has traded in a range of $42.98 to $146.89 and is now at $75.60, 76% above that low. The 200-day and 50-day moving averages have moved 0.3% lower and 1.50% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of ProShares UltraPro S&P 500 on July 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.06. Since that recommendation, shares of ProShares UltraPro S&P 500 have risen 11.0%. We continue to monitor UPRO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders proshares ultrapro s&p 500