Eye On UltraShort Oil (DUG)

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By Mike Paulenoff | Published 05/17/2011 | Futures , Options , Stocks | Unrated

Eye On UltraShort Oil (DUG)

The rounded two-month base pattern in the ProShares UltraShort Oil & Gas ETF (DUG) has broken out to the upside for a second time in May, which should gain additional upside traction on the way towards my next optimal target zone of 32.50/80.

At this juncture, only a sudden downside reversal and break of key support at 29.50/30 will compromise the powerful pattern.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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