SmarTrend Watching for Potential Pullback in Shares of ProShares Ultra Nasdaq Biotechnology ETF After 2.82% Gain
ProShares Ultra Nasdaq Biotechnology ETF (NASDAQ:BIB) traded in a range yesterday that spanned from a low of $49.09 to a high of $51.45. Yesterday, the shares gained 2.8%, which took the trading range above the 3-day high of $49.04 on volume of 807,000 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 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 50% above that low price at $50.81 per share. Over the last five market days, the 200-day moving average (MA) has gone down 2% while the 50-day MA has remained constant.
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 21.2%. We continue to monitor BIB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders proshares ultra nasdaq biotechnology etf