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Upside Continuation for DUG


Friday May 23rd, 2008
Upside Continuation for DUG
by Mike Paulenoff www.MPTrader.com
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.

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