SmarTrend Watching for Potential Pullback in Shares of ProShares Ultra DJ-UBS Crude Oil After 4.81% Gain
ProShares Ultra DJ-UBS Crude Oil (NYSE:UCO) traded in a range yesterday that spanned from a low of $9.01 to a high of $9.25. Yesterday, the shares gained 4.8%, which took the trading range above the 3-day high of $8.81 on volume of 4.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
ProShares Ultra DJ-UBS Crude Oil share prices have moved between a 52-week high of $49.78 and a 52-week low of $5.98 and are now trading 54% above that low price at $9.19 per share. Over the past week, the 200-day moving average (MA) has gone down 2.6% while the 50-day MA has advanced 3.1%.
SmarTrend recommended that its subscribers protect gains by selling shares of ProShares Ultra DJ-UBS Crude Oil on June 16th, 2016 by issuing a Downtrend alert when the shares were trading at $11.59. Since that call, shares of ProShares Ultra DJ-UBS Crude Oil have fallen 24.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders proshares ultra dj-ubs crude oil