Look for Shares of ProShares UltraShort DJ-UBS Crude Oil to Potentially Rebound after Yesterday's 5.10% Sell Off
ProShares UltraShort DJ-UBS Crude Oil (NYSE:SCO) traded in a range yesterday that spanned from a low of $100.38 to a high of $103.33. Yesterday, the shares fell 5.1%, which took the trading range below the 3-day low of $105.89 on volume of 496,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
In the past 52 weeks, ProShares UltraShort DJ-UBS Crude Oil share prices have been bracketed by a low of $50.90 and a high of $243.67 and are now at $101.35, 99% above that low price. The 200-day and 50-day moving averages have moved 0.38% higher and 4.7% lower over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of ProShares UltraShort DJ-UBS Crude Oil on June 16th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $89.72. Since that recommendation, shares of ProShares UltraShort DJ-UBS Crude Oil have risen 19.1%. We continue to monitor SCO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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