- ProShares VIX Short-Term Futures ETF's downward trend will be tested at $7.48 as key support
- The lower Bollinger Band® is currently at $74.43 while the higher band is at $77.51
A study of ProShares VIX Short-Term Futures ETF's historical price actions shows a persuasive break of this target could lead to higher losses. Trend-focused traders would be interested to note that ProShares VIX Short-Term Futures ETF's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $7.4, a low enough level to, generally, suggest that ProShares VIX Short-Term Futures ETF is trading below its fair value.
For the time being, ProShares VIX Short-Term Futures ETF remains flat without a clear direction.
With regards to technical trend indicators, chart analysis show that Consumer Staples Select Sector SPDR Fund's CCI indicator has broken above +100, indicating that prices are unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Consumer Staples Select Sector SPDR Fund is in an overbought condition. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $77.51, thereby suggesting that Consumer Staples Select Sector SPDR Fund is becoming overvalued. Technical chart analysis shows Consumer Staples Select Sector SPDR Fund's recent run now faces a major challenge as concentrated supply is likely found at $77.67 with price action currently 23 cents away.
For the time being, Consumer Staples Select Sector SPDR Fund remains flat without a clear direction.
IPath Series B S&P 500 VIX Short-Term Futures ETN made an initial foray below its 50 day Simple Moving Average around $38. IPath Series B S&P 500 VIX Short-Term Futures ETN is currently flirting with an active Fibonacci support level around $38. On the other hand, note that iPath Series B S&P 500 VIX Short-Term Futures ETN is trending down and heading towards $37.37, which is only 49 cents away now. Hitting this support line might signal a change of direction. IPath Series B S&P 500 VIX Short-Term Futures ETN's lower Bollinger Band® is at $36.82, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for iPath Series B S&P 500 VIX Short-Term Futures ETN.
Upcoming fundamentals: United States ISM Manufacturing PMI (Apr) scheduled to come out tomorrow at 14:00 UTC.