The ProShares UltraShort Oil & Gas ETF (DUG) is smacking right up against its 8-week resistance line at 28.25, which could stall the upmove off of Wednesday's low at 26.43. However, the overwhelming weight of my technical work argues for upside continuation towards 28.80-29.20 (corrected from numbers in chart below) prior to the initial bout of profit-taking.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.