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March 06, 2023
ProShares UltraShort MSCI Brazil Capped is range-bound between $19.89 and $21.03 today after shedding 48 cents and closing at $20.64 Friday.
Meanwhile, data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
ProShares UltraShort MSCI Brazil Capped made an initial break below its 5 day Simple Moving Average at $20.49, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $20.49 serving as intraday support. ProShares UltraShort MSCI Brazil Capped's upper Bollinger Band® is at $20.93 which indicates a further downward move may follow. ProShares UltraShort MSCI Brazil Capped broke through the $20.44 support line and dropped 28 cents below it.
Overall, looking at the technical analysis landscape, it seems ProShares UltraShort MSCI Brazil Capped is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other markets, after ending Friday's session at $75.18, Rio Tinto lost $2.55 and is trading around $72.63.
Other assets are showing positive performances as Merck is up 3.75%. Apple is up 2.16%.
Furthermore, United States Fed Chair Powell testimony is scheduled for tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
The fund has been trending positively for about a month. ProShares UltraShort MSCI Brazil Capped has fallen back around 39.47% from the significant high of $34.1 set 7 months ago.
