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Watch for ProShares Ultra QQQ to Potentially Pullback After Gaining 2.63% Yesterday

By Amy Schwartz

ProShares Ultra QQQ (AMEX:QLD) traded in a range yesterday that spanned from a low of $85.16 to a high of $86.03. Yesterday, the shares gained 2.6%, which took the trading range above the 3-day high of $85.53 on volume of 494,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of ProShares Ultra QQQ on July 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $72.40. Since that recommendation, shares of ProShares Ultra QQQ have risen 15.7%. We continue to monitor QLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Over the past year, ProShares Ultra QQQ has traded in a range of $55.00 to $155.04 and is now at $85.91, 56% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.4%.

Keywords: rebounders amex:qld proshares ultra qqq

Ticker(s): QLD