•  
  • New York 23:37
  • London 03:37
  • Barcelona 04:37
  • Tokyo 12:37
  • Sydney 14:37
  • SignUp | Login

The Mid-Day Minute

New Upleg for UltraLong Oil & Gas ETF?

Mon, Aug 31 2009, 06:49 GMT
by Mike Paulenoff

MPTrader.com  |  View company's profile


Vote:

9

0

The hourly candlestick chart of the ProShares Ultra Long Oil & Gas ETF (NYSE: DIG) shows the August rally period, which exhibits bullish form from the August 17 pivot low at 26.43 to the August 25 high at 31.60. After that rally, let’s notice that the pullback to 29.04 yesterday represents an almost exact 50% correction of the prior advance before yesterday afternoon’s initiation of a new upleg. It is interesting to me that the August 17 low at 26.43 also represented an almost exact 50% correction of the July 8 to August 3 advance – which tells us that the bullish profile remains consistent within the development of a larger, year-long base pattern. Based on my pattern and momentum work, as long as yesterday’s low at 29.04 remains a viable corrective low, I will regard the action of the past 24 hours as the start of a new upleg that should climb to retest the August high (31.60) on the way to 33.50 thereafter.

Mid day Minute


AdviceTrade, Inc. | 1611 South Catalina Avenue, Suite 201, Redondo Beach, CA 90277
http://www.mptrader.com/ | info@advicetrade.com

Archive


Legal disclaimer and risk disclosure

In using any portion of MPTrader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. MPTrader (www.mptrader.com) is published by AdviceTrade, Inc. and MJP Market Strategies, Inc., both of whom are publishers. The Web site is maintained by Codexia, LLC and has a marketing affiliation with The Technical Trader. None of these firms or individuals is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Mr. Paulenoff's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Paulenoff's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions and Mr. Paulenoff and employees of AdviceTrade do not have personal positions in instruments mentioned on the site. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results. MJP Market Strategies, AdviceTrade, and Codexia cannot and do not assess, verify or guarantee the suitability or profitability of any particular investment. The risk of loss in trading index futures can be substantial. You should therefore carefully consider whether such trading is suitablef or you in light of your financial condition. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. As an express condition of using this service and anytime after ending the service, you agree not to hold any employees of MJP Market Strategies, AdviceTrade, or Codexia or the companies themselves liable for trading losses, lost profits or other damages resulting from your use of information in MPTrader in any form (Web-based, email-based, or downloadable software), and you agree to indemnify and hold MJP Market Strategies, AdviceTrade, and Codexia and their employees harmless from and against any and all claims, losses, liabilities, costs, and expenses (including but not limited to attorneys' fees) arising from your violation of this agreement. This paragraph is not intended to limit rights available to you or to us that may be available under the federal securities laws.
Vote:

9

0

Related reports

Dollar Benefits From Greek Woes by Forexnews.com
Sun, Mar 21 2010, 22:28 GMT

U.S. Forex Market Commentary by GCI
Sun, Mar 21 2010, 22:22 GMT

Continued Economic Recovery, Low Inflation by Wells Fargo Investments, LLC
Fri, Mar 19 2010, 19:58 GMT

USD higher, Greek debt worries, India hikes rates by Easy Forex
Fri, Mar 19 2010, 18:04 GMT

EUR/USD: No time for reversal yet by FXstreet.com Independent Analyst Team
Fri, Mar 19 2010, 15:27 GMT

eurusd, gas, eurjpy, chfjpy, oil, commodities, gbpusd, usdchf, gbpjpy, usdjpy, energies

[ View All ]

Related content

Oil price approaches $80.00
FXstreet.com | Mon, Mar 22 2010, 01:50 GMT

Quick look at the order books
Forex Live | Mon, Mar 22 2010, 01:25 GMT

Kospi -0.5%, Nikkei closed today
Forex Live | Mon, Mar 22 2010, 00:45 GMT

EUR/USD set to re-test 1.3500
Forex Live | Mon, Mar 22 2010, 00:04 GMT

AUD/USD: mid term top at 0.9250
FXstreet.com | Sun, Mar 21 2010, 23:45 GMT

eurusd, gas, eurjpy, chfjpy, oil, commodities, gbpusd, usdchf, gbpjpy, usdjpy, energies

[ View All ]

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.