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Look for Shares of ProShares UltraShort DJ-UBS Crude Oil to Potentially Pullback after Yesterday's 4.91% Rise

By Nick Russo

ProShares UltraShort DJ-UBS Crude Oil (NYSE:SCO) traded in a range yesterday that spanned from a low of $84.17 to a high of $88.33. Yesterday, the shares gained 4.9%, which took the trading range above the 3-day high of $88.10 on volume of 640,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

ProShares UltraShort DJ-UBS Crude Oil share prices have moved between a 52-week high of $243.67 and a 52-week low of $50.90 and are now trading 71% above that low price at $87.28 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.7% while the 200-day MA has risen 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of ProShares UltraShort DJ-UBS Crude Oil on August 8th, 2016 by issuing a Downtrend alert when the shares were trading at $101.37. Since that call, shares of ProShares UltraShort DJ-UBS Crude Oil have fallen 17.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders proshares ultrashort dj-ubs crude oil

Ticker(s): SCO