UVXY: Once again, pushing up against multi-month resistance
|UVXY-- once again is pushing up against multi-month resistance (7 month to be exact), amid an extremely impactful accumulation pattern that if unleashed, will project upside potential to targets at 90-93 and if taken out, to 105-110 thereafter. The UVXY set-up argues for considerably lower S&P futures prices, right as investors gain confidence that "the Fed will do the right thing, which will support the markets."
At this juncture, only a decline that breaks and sustains beneath nearest support at 65.00 will temporarily neutralize and stall the pent-up inertia exhibited by UVXY.
Last is 70.68/69
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.