Proshares UltraShort Oil and Gas Index ETF Climbs Higher
Commodities / Oil Companies Feb 05, 2008 - 05:56 PM GMTBy: Mike_Paulenoff
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.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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