Tuesday, August 9, 2011
8/9/2011 - DUG -- SHORT OIL
THE VULCAN REPORT
Review of DUG -- SHORT OIL (DUG)
as of Tuesday, August 09, 2011
Today's Price Action
Change -2.4500 (-6.32%) prices closed lower than they opened. with weak Bids going into the close.
PulseScan Swing Vix
Swing Vix: 36.77
The Market Pulse is positive since it is trading above its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of 0 period(s) ago. This means that negative momentum has entered the market. Expect sideways to lower prices within the next 3-5 daysHowever, the Swing Vix just crossed below 39 from a topping formation. This is a bearish sign.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Bought Sell 0 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.
*Since the last Swing Vix signal, DUG -- SHORT OIL's price has been unchanged, and has ranged from a high of 38.87 to a low of 36.13.
MARKET TREND - Currently the TREND is -The DownTrend is still entact with prices holding below trendline resistance at- 48.01.
TREND STRENGTH - ,,BULLISH MOMENTUM,
The close is currently Below it's PulseWave Cycle TRENDLINE RETRACEMENT. - 48.01
The close is currently Below it's Long Term TRENDLINE RETRACEMENT. - 38.52
INTRADAY PRICE PROJECTIONS
RESISTANCE 39.01 place stoploss here
SUPPORT 35.99 GO SHORT here
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 29.14
PulseWave BreakOut SUPPORT - 24.41
On 8/9/2011, DUG -- SHORT OIL closed above the upper band by 2.1%.
This combined with the steep uptrend suggests that the upward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.