MIKE PAULENOFF'S ETF TRADING DIARY
The Ultra Oil & Gas ProShares ETF (NYSE: DIG) popped above key Feb-Mar resistance at 34.40/50 to a recovery high at 35.05, after which it revisited the breakout level into this morning’s low at 34.25. This morning’s upside pivot reversal from 34.25 has propelled the DIG to a higher recovery high at 35.10 so far. The fact that the price structure is holding above the breakout plateau (34.25) within a larger base-like pattern that projects to 37.50 next is a very constructive sign. At this juncture, only a decline that breaks 34.25 will begin to compromise the developing bullish scenario.
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