Watch for ProShares Ultra DJ-UBS Crude Oil to Potentially Pullback After Gaining 5.11% Yesterday
ProShares Ultra DJ-UBS Crude Oil (NYSE:UCO) traded in a range yesterday that spanned from a low of $11.54 to a high of $11.99. Yesterday, the shares gained 5.1%, which took the trading range above the 3-day high of $11.44 on volume of 4.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, ProShares Ultra DJ-UBS Crude Oil has traded in a range of $5.98 to $49.78 and is now at $11.91, 99% above that low. 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 subscribers consider buying shares of ProShares Ultra DJ-UBS Crude Oil on October 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.59. Since that recommendation, shares of ProShares Ultra DJ-UBS Crude Oil have risen 7.1%. We continue to monitor UCO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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