Close to the 200 Day Moving Average: ProShares Ultra S&P500
Published on Thursday, 14 June 2012 08:42 Written by TradersHuddle Wire
New York, June 14th (TradersHuddle.com) -ProShares Ultra S&P500 (NYSE:SSO) closed the trading session at $50.99 near its 200 day moving average set at $49.27. ProShares Ultra S&P500's price action is just above this key support level, grabbing traders' attention for a possible trading opportunity.
ProShares Ultra S&P500 (NYSE:SSO) is a fund that seeks daily investment results that correspond to twice the daily performance of the S&P 500 Index. The S&P 500 Index is a measure of large-cap U.S. stock market performance, which includes 500 United States operating companies and real estate investment trusts selected by the S&P U.S. Index Committee through a non-mechanical process that factors criteria, such as liquidity, price, market capitalization and financial viability.
The latest price action range, defined by a peaks and troughs algorithm, places calculated support at $47.31 and resistance at $52.72. These levels will provide insight for the stock's latest price dynamics.
Traders wanting to establish a position on ProShares Ultra S&P500 will look for evidence of buying near the 200 day moving average, before opening the position as close as possible to this key technical level. Also, they need to consider the latest range defined by the calculated support and resistance levels for insights on other key levels that might have an effect on future price movements.
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