May
21
DXD: ProShares Ultra Short Dow 30
May 21, 2009 | Leave a Comment
DXD, the ProShares Ultra Short Dow 30 is looking like it’s preparing to move upwards.
Here’s what stands out:
- Resistance @ ~$50 was broken.
- Resistance in the downward channel was also broken by today’s move up.
- May looks to have created a short term double bottom.
- There is a positive divergence between the RSI, MACD and STO vs the price trend. This may be sinking in now.
- If the price moves upwards and pushes through the 200 day EMA it would be a very bullish sign and a strong movement.
New resistance around $58ish seems probable. A good entry point would be upon a close above the 200 day EMA and a selling point is ~$58 for a short term move.
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