Stock Technical indicators to notice in PROSHARES ULTRASHORT (EFU)
1- Last bullish trend was from 36.22 $ (8/17/2010) to 39.43 $ (8/26/2010) a 3.21 $ move 2- The current bearish trend started from 39.43 $ at 8/26/2010 and is currently trading at 35.91 $.
4- EFU current resistance level is at 36.22 which is the 100.00 % fibonacci retracement of the last 3.21 $ move.
5- According to ADX Indicator, the trend is currently bearish,which is becoming weaker.
PROSHARES ULTRASHORT (EFU) Short term stock chart patterns for internet stock trading :
6- The Stock was supported by a support line, identified by two points: 36.220 and 33.700 that was broken down at 37.790 transforming into a resistance line.
PROSHARES ULTRASHORT (EFU) Mid term stock chart patterns for internet stock trading :
7- The Stock was resisted by a resistance line, identified by two points: 39.430 and 40.410, and is currently resisting at 39.279.
PROSHARES ULTRASHORT (EFU) Long term stock chart patterns for internet stock trading :
8- The Stock traded in a bearish stock channel identifed by support at 33.700 and 40.290,resistance between 46.060 and 48.970, the stock channel is currently supported from below by 30.752 and resisted from above by 38.528.
Stock Trading Conclusion:
PROSHARES ULTRASHORT (EFU) was trading in a bearish wave, which is becoming weaker .
Technical indicators and stock chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy in online trading .
Stock Resistance Levels : 36.22, 36.74, 37.25, 37.45, 37.67, 37.83, 38.09, 38.20, 38.67, 39.28, 39.43, 40.84.
Stock Support levels : 35.35,.
