UYG Rollover?

Selling pressure is building in the Proshares Ultra Financials (UYG). The past three days have seen the break of the March-June rally, a loss of the 20-day MA and a loss of the 50-day MA. The tide appears to be turning in favour of bears but shorts will probably wait for a retest of the 20-day MA / mid-Bollinger Band before getting aggressive.

There is a sizable void all the way back to $1.40s but there should be enough demand to see buyers kick in around the $2.70s

All-in-all it's not looking too attractive for bulls other than for a short term bounce back to the 20-day MA.

Enter to win the Trader's Business Plan prize of a free psych test and free access to the trading plan development program. Retail value $398

[1] Register at Zignals.
[2] Go to Charts and select a stock (you will be prompted to download Microsoft Silverlight)
[3] Click on the YourCall Icon

[4] Enter a Call by giving a stop and target price; make sure the Time Period is set to Short (month)
[5] Enter as many calls as you like up until the end of June; these can be long or short signals
[6] Send me your Zignals Userid so I can track the calls made ( or post it in the comments section of this post. In your email make reference to the competition.
[7] The Zignals member with the stock giving the highest return from either a target hit or expiration after 22 trading days will win the prize. Only stocks or FX prices listed on Zignals qualify for entry (no pink sheet stocks). The announcement of the prize winner will be made at the end of July.

Good luck!

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.

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