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June 08, 2023Yesterday at a glance: ProShares UltraShort MSCI Brazil Capped dipped as low as $14.56 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($14.64) with ProShares UltraShort MSCI Brazil Capped closing the day at $14.77.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 235,000. Potentially significant price fluctuations in ProShares UltraShort MSCI Brazil Capped are expected to follow.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.
Meanwhile, United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.
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. Asset volatility analysis shows that ProShares UltraShort MSCI Brazil Capped's lower Bollinger Band® is at $14.77, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Support/Resistance levels obtained from chart analysis indicate that ProShares UltraShort MSCI Brazil Capped could begin to recover as it approaches significant support, now 22 cents away from $14.55. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests ProShares UltraShort MSCI Brazil Capped has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Amazon is down to $121.23, losing $5.38, after ending the previous session around $126.61. Alphabet dips 3.89% yesterday and closed at $127.91. Intuit falls 5.83% yesterday and closed at $448.49.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 235,000, following on from the preceding figure of 232,000. New data is set to be published today at 12:30 UTC.
The fund has been trending lower for about a month. ProShares UltraShort MSCI Brazil Capped hit a significant low of $14.77 around a day ago, but has since recovered 1.29%.
