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Rydex 2x S&P MidCap 400 ETF (RMM) Breaks Through Support at $38.97

Written on Fri, 05/21/2010 - 11:21am
By Chip Brian

SmarTrend has detected shares of Rydex 2x S&P MidCap 400 ETF (NYSE:RMM) have bearishly opened below the pivot of $39.66 today and have reached the first level of support of $38.97.
Should the shares continue to fall, we are monitoring the next support pivots of $38.34 and $37.03. Also, the shares are currently trading below the 50-day moving average of $46.16 and should find support at the 200-day moving average of $37.95.
SmarTrend, our proprietary pattern recognition system, alerted subscribers to sell shares of Rydex 2x S&P MidCap 400 ETF on May 20, 2010 at $39.68. Since the call, the stock has fallen 2%.

Contact Chip Brian
Smartrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.mysmartrend.com.

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