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ProShares Ultra Nasdaq Biotechnology ETF Set to Possibly Rebound After Yesterday's Selloff of 3.22%

By James Quinn

ProShares Ultra Nasdaq Biotechnology ETF (NASDAQ:BIB) traded in a range yesterday that spanned from a low of $48.50 to a high of $50.55. Yesterday, the shares fell 3.2%, which took the trading range below the 3-day low of $50.17 on volume of 721,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that subscribers consider buying shares of ProShares Ultra Nasdaq Biotechnology ETF on July 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.33. Since that recommendation, shares of ProShares Ultra Nasdaq Biotechnology ETF have risen 25.6%. We continue to monitor BIB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

ProShares Ultra Nasdaq Biotechnology ETF share prices have moved between a 52-week high of $174.48 and a 52-week low of $33.97 and are now trading 44% above that low price at $49.05 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 2%.

Keywords: rebounders proshares ultra nasdaq biotechnology etf

Ticker(s): BIB