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June 16, 2023While ProShares UltraShort MSCI Brazil Capped in the midst of a 12 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. ProShares UltraShort MSCI Brazil Capped spiked to $13.51 before dropping back to its pre-spike levels and is now heading towards the close around $13.25.
ProShares UltraShort MSCI Brazil Capped upside coincides with further encouraging market factors as highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.
On the flip side, new United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
Although up today, early price action saw ProShares UltraShort MSCI Brazil Capped dropping below its 3 day Simple Moving Average at $13.48 — an early indicator that a new downward trend could be emerging. ProShares UltraShort MSCI Brazil Capped could be slowing down soon as it approaches resistance at $13.63. Of course, crossing it might suggest further gains are ahead. Despite this, ProShares UltraShort MSCI Brazil Capped's lower Bollinger Band® is at $12.51, indicating that the market is oversold and fertile for new buyers.
Technical analysis of ProShares UltraShort MSCI Brazil Capped price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
At the same time, Toyota is trading around $164.5 (down $3.68). Walt Disney closed at $91 (down 2.11%).
The fund has been trending lower for about a month. ProShares UltraShort MSCI Brazil Capped is now trading 40.33% below its 3-month high of $34.1.
