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July 03, 2023A quick look at today: a tough session dominated by bearish sentiment left BZQ 32 cents lower, while setting a $12.8 to $12.94 session range.
ProShares UltraShort MSCI Brazil Capped is currently trading at $12.88 following the release of ISM Manufacturing PMI (Jun) data from the United States.
Meanwhile, United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released today at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) released today at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.
ProShares UltraShort MSCI Brazil Capped could begin to recover as it approaches significant support, now 13 cents away from $12.75. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $12.08, a low enough level to, generally, suggest that ProShares UltraShort MSCI Brazil Capped is trading below its fair value.
Technical analysis indicates that ProShares UltraShort MSCI Brazil Capped (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $71.57, Astrazeneca PLC lost $6.32 and is trading around $65.25.
Positive performances can be seen by looking at other markets as Tesla went up by 6.9% today, and closed at $279.82. Notably, United Parcel Service rose 2.52% today and closed at $179.25.
All in all, the fund has been on a negative trend for around 2 months. ProShares UltraShort MSCI Brazil Capped is now trading 34.59% below its 3-month high of $34.1.
