Thursday, September 1, 2011
9/1/2011 - DIG - PROSHARES ULTRA OIL & GAS ETF
THE VULCAN REPORT
Review of $0$ DIG - PROSHARES ULTRA OIL & GAS ETF (DIG)
as of Wednesday, August 31, 2011
Today's Price Action
Change prices closed lower than they opened. with weak Bids going into the close. 0.5300 (1.22%)
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
PulseScan Swing Vix
Swing Vix: 5.28
The Market Pulse is positive since it is trading above its zero signal line.The PulseScan crossed above the Swing Vix creating a UP Trend Channel as of 4 period(s) ago. The Swing Vix is not currently in a topping (above 39) or bottoming (below -39) range.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Sold Buy 14 period(s) Ago.
The Swing Vix has just reached its highest value in the last 14 period(s). This is bullish.The Swing Vix has set a new 14-period high while the security price has not. This is a bullish divergence. Since the PulseScan leads the market 3-5 days out We will wait to see if an upside breakout occurs.
*Since the last Swing Vix signal, $0$ DIG - PROSHARES ULTRA OIL & GAS ETF's price has increased 12.38% , and has ranged from a high of 45.14 to a low of 37.42.
MARKET TREND - Currently the TREND is VERY-BEARISH - Heavy Distribution.
TREND STRENGTH - WEAK - RANGE BOUND (Prices have ceased trending and have become consolidated at this time) The market has put in a short term bottom. This means that the bears are liquidating short positions thus taking some profit off the table.,,,BEARISH MOMENTUM
The close is currently Below it's PulseWave Cycle TRENDLINE RETRACEMENT. - 44.58
The close is currently Below it's Long Term TRENDLINE RETRACEMENT. - 47.62
INTRADAY PRICE PROJECTIONS
RESISTANCE 45.24 -
SUPPORT 43.07 - GO SHORT here 42.11 - place stoploss here 46.05
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 50.44-
PulseWave BreakOut SUPPORT - 34.95- GO SHORT here 34.95 place stoploss here 46.05
MONTHLY PRICE PROJECTIONS
Long term Trend Line resistance is currently at - 44.58
Long term Trend Line support is currently at - 25.53
BEAR MARKET DOWNTREND - (12-18mo) PRICE TARGET = -12.57
On 8/31/2011, $0$ DIG - PROSHARES ULTRA OIL & GAS ETF closed
below the upper band by 27.7%.
This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.