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April 14, 2023
ProShares UltraShort MSCI Brazil Capped has been losing ground for 5 days, shedding a total of 15.2% of its value. Today is looking a bit better: without a clear-cut direction, ProShares UltraShort MSCI Brazil Capped is trading around $17.41 and ranging between $17.31 and $18.06.
ProShares UltraShort MSCI Brazil Capped's state is reflected by market data as Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. Following a previous reading of -0.2%, Retail Sales in United States released today at 12:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1%. Producer Price Index in United States fell short of market expectations (0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0%.
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 is approaching key support, around 26 cents away from $17.15. 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. A "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term.
According to technical indicators, ProShares UltraShort MSCI Brazil Capped is positioned for a downward move in the short term.
Other markets show mixed performance as JP Morgan Chase is up 7.26%. Boeing is down to $201.33, losing $12.26, after closing at $213.59 in the preceding trading session.
ProShares UltraShort MSCI Brazil Capped reached a significant high of $34.1 around 8 months ago but has lost 48.94% since then.
