BZQ closed at $19.96 after gaining 6.11% Friday

Friday at a glance: after finishing Thursday at $18.81, ProShares UltraShort MSCI Brazil Capped went up to $20.15 before paring its losses and closing at $19.96.

Technical analysis shows that ProShares UltraShort MSCI Brazil Capped is 25 cents away from testing key resistance at $20.21. Peaking above this level could inspire market bulls and open the path to further gains. Trend and momentum analysis indicates that investors are seeking long positions as ProShares UltraShort MSCI Brazil Capped price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action overcame a known Fibonacci resistance level at $19.8 by around 16.148 cents with prices hammering out a $19.75 – $20.15 session range. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $20.51, thereby suggesting that ProShares UltraShort MSCI Brazil Capped is becoming overvalued.

Notwithstanding ProShares UltraShort MSCI Brazil Capped's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Other markets are also showing gains as Linde shoots up 4.75% Friday and closed at $331.89.

At the same time, Adobe dips 7.63% Friday and closed at $347. After ending Friday's session at $94.16, Alibaba lost $5.16 and is trading around $89.

Friday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.2%. The figure will be published today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at United States Pending Home Sales projected to decline to 1% while previous data was 2.5%; data will be released today at 15:00 UTC.

The fund has been trending positively for about 29 days. 7 months ago ProShares UltraShort MSCI Brazil Capped reached a significant high of $34.1 but has consequently lost 44.84% since then.