ProShares UltraShort DJ-UBS Crude Oil Set to Possibly Rebound After Yesterday's Selloff of 2.60%
ProShares UltraShort DJ-UBS Crude Oil (NYSE:SCO) traded in a range yesterday that spanned from a low of $74.20 to a high of $76.09. Yesterday, the shares fell 2.6%, which took the trading range below the 3-day low of $76.65 on volume of 1.2 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
SmarTrend recommended that its subscribers protect gains by selling shares of ProShares UltraShort DJ-UBS Crude Oil on April 8th, 2016 by issuing a Downtrend alert when the shares were trading at $119.35. Since that call, shares of ProShares UltraShort DJ-UBS Crude Oil have fallen 35.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
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 47% above that low price at $74.67 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 4.7%.
Keywords: rebounders proshares ultrashort dj-ubs crude oil