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By Mike Paulenoff, www.MPTrader.com
The DUG (UltraShort Oil & Gas, ETF), my hedge postion against a nasty but well overdue correction in the energy names and indices, is beginning to climb... Let's take a look..
After two weeks of sideways trading between 47.00 and 43.00, today's strength suggests that the DUG has completed a base-like pattern in the aftermath of its vicious correction from the 1/23 high at 54.64 to the 42.62 low on 1/30. However, completing a base is still one significant step from transcending a new upleg. The DUG must hurdle and sustain above 47.10/20 to trigger upside acceleration towards a retest of the January high.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
