Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Eye on UltraShort Oil


Tuesday May 17th, 2011
Eye on UltraShort Oil
by Mike Paulenoff www.MPTrader.com

The rounded two-month base pattern in the ProShares UltraShort Oil & Gas ETF (DUG) has broken out to the upside for a second time in May, which should gain additional upside traction on the way towards my next optimal target zone of 32.50/80.

At this juncture, only a sudden downside reversal and break of key support at 29.50/30 will compromise the powerful pattern.

Take Advantage Of Our Free
7-Day Trial, $7/Month Offer!
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!