ProShares UltraShort MSCI Brazil Capped continued its four days losing streak, dropping by 25 cents, closing at $16.94

Yesterday at a glance: ProShares UltraShort MSCI Brazil Capped dipped as low as $16.9 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($17.52) with ProShares UltraShort MSCI Brazil Capped closing the day at $16.94.

United States Producer Price Index improved upon its previous reading of -0.4% with a new data release of 0.2%. Highly important Initial Jobless Claims data from United States beat analyst expectations of 245,000 with a reading of 264,000.

Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.

Support/Resistance levels obtained from chart analysis indicate that ProShares UltraShort MSCI Brazil Capped could begin to recover as it approaches significant support, now 23 cents away from $16.71. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest 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 $16.65, a low enough level to, generally, suggest that ProShares UltraShort MSCI Brazil Capped is trading below its fair value.

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, Walt Disney plunges 8.73% yesterday and closed at $101.14.

Positive performances can be seen by looking at other markets as notably, Alibaba rose 5.96% yesterday and closed at $82.95. Alphabet went up by 4.11% yesterday, and closed at $116.9.

Approximately 9 months ago, ProShares UltraShort MSCI Brazil Capped reached a significant high of $34.1 but has struggled to hold onto its gains and declined 49.59% since then.