Upside Continuation for DUG

May 23

by Mike Paulenoff, Fri May 23rd, 2008

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Upside Continuation for DUG
By Mike Paulenoff, www.MPTrader.com

The ProShares UltraShort Oil & Gas ETF (AMEX: DUG) is smacking right up against its 8-week resistance line at 28.25, which could stall the upmove off of Wednesday's low at 26.43. However, the overwhelming weight of my technical work argues for upside continuation towards 28.80-29.20 (corrected from numbers in chart below) prior to the initial bout of profit-taking.

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!

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