Stagnant BZQ peaks at $16.76 amid sluggish price action

A quick look at today: without a clear direction, ProShares UltraShort MSCI Brazil Capped closed at $16.55 while ranging between $16.42 and $16.76.

ProShares UltraShort MSCI Brazil Capped is currently trading at $16.55 following the release of Fed Chair Powell speech data from the United States.

ProShares UltraShort MSCI Brazil Capped's state is reflected by market data as United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3. United States Initial Jobless Claims beat the 254,000 projections, with 242,000.

ProShares UltraShort MSCI Brazil Capped made an initial break below its 5 day Simple Moving Average at $16.58, a possible indication of a forthcoming negative trend. In contrast, ProShares UltraShort MSCI Brazil Capped is approaching key support, around 16 cents away from $16.39. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests ProShares UltraShort MSCI Brazil Capped is positioned for a downward move in the near term.

While ProShares UltraShort MSCI Brazil Capped was pretty flat today, mixed performances were seen elsewhere as Nike lost 3.46% today and closed at $118.87. Walt Disney is down to $91.35, losing $2.41, after ending the previous session around $93.76. Morgan Stanley is down to $82.24, losing $2.25, after ending the previous session around $84.49.

ProShares UltraShort MSCI Brazil Capped has fallen back around 51.56% from the significant high of $34.1 set 10 months ago.