ProShares UltraShort MSCI Brazil Capped is on a 6 day downtrend A slight improvement can be seen from Friday's session: ProShares UltraShort MSCI Brazil Capped was steady Friday maintaining a $17.31 – $18.06 range before closing at $17.36.
ProShares UltraShort MSCI Brazil Capped made an initial break below its 3 day Simple Moving Average at $17.59, a possible indication of a forthcoming negative trend. On the other hand, note that ProShares UltraShort MSCI Brazil Capped's upper Bollinger Band® is at $24.12 and the lower is $16.45. ProShares UltraShort MSCI Brazil Capped is approaching key support, around 28 cents away from $17.08. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Although price action remains in a stalemate, technical analysis suggests ProShares UltraShort MSCI Brazil Capped could be primed for a break to the downside.
Having set a significant high of $34.1 9 months ago, ProShares UltraShort MSCI Brazil Capped is trading 48.94% lower.