Strong Downtrend Continues For ProShares UltraShort Dow30 (ETF) (NYSEARCA:DXD)

1011

Dallas, Texas 04/22/2014 (FINANCIALSTRENDS) – ProShares UltraShort Dow30 (ETF) (NYSEARCA:DXD) has seen a downtrend for the last couple of months and has formed lower highs and lower lows. The stock hit a low of $26.61 but has seen a strong momentum buying and we have seen the stock retrace above its 50 day moving average which is at $28.05 where it found resistance and has broken below the downward trend line and back into the narrow range that the stock has seen over the past few trading sessions.

9.2

The momentum indicators for ProSharesUltraShort Dow30(ETF)(NYSEARCA:DXD) are in negative territory and are giving first signs of bearish crossover and we might see the stock retrace back to the recent lows at $26.67 in the coming few days. The relative strength index for the stock is showing buyers exhaustion and confirms our bearish stance above. This implies the stock may see some recovery in the upcoming trading sessions with good volumes.

The weekly charts for ProSharesUltraShort Dow30 (ETF)(NYSEARCA: DXD) are in a fierce downturn and we believe there are no signs given by the ETF of a bullish reversal. Both the momentum indicators and the RSI are showing signs of exhaustion and give us no reason to believe that the ETF might see any kind of bullish momentum from the current levels. The ETF trades below both its 50 day moving average and the 200 day moving average which also proves the overall trend in the stock.

9.1

(Figure): Daily chart for ProShares UltraShort Dow30 (ETF) (NYSEARCA:DXD)

 Latest Buzz:

The current downtrend in the markets has made investors and traders take money off high risk assets and find solace in bonds and precious metals like gold and silver. The traders on the street believe that even blue chips stocks are trading at expensive valuations and investors should use the current rally to book out profits and position themselves in cash or precious metals like gold

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.