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June 04, 2023
A quick look at Friday: a tough session dominated by bearish sentiment left BZQ 93.2 cents lower, while setting a $15.68 to $15.93 session range.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $15.67, a low enough level to, generally, suggest that ProShares UltraShort MSCI Brazil Capped is trading below its fair value. Technical analysis shows that ProShares UltraShort MSCI Brazil Capped could begin to recover as it approaches significant support, now 16 cents away from $15.64. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates ProShares UltraShort MSCI Brazil Capped will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Verizon is down to $34.58, losing $1.14, after ending the previous session around $35.72.
Other assets are showing positive performances as Caterpillar shoots up 8.4% Friday and closed at $209.07. Toyota surges 3.8% Friday and closed at $140.65.
Furthermore, United States ISM Non-Manufacturing PMI (May) scheduled to come out tomorrow at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released tomorrow at 13:45 UTC.
The fund has been trending lower for about a month. ProShares UltraShort MSCI Brazil Capped hit a significant low of $15.74 around 2 days ago, but has since recovered 6.29%.
