This ETF May Be On The Verge Of A Breakout (NYSE:SKF)

“If the stock market confirms that a bear market has begun, this ETF could break out.  The ProShares UltraShort Financials ETF (NYSE:SKF) – This exchange-traded fund (ETF) seeks daily to achieve results that are twice the inverse of the daily performance of the Dow Jones U.S. Financial Index,” Sam Collins Reports From Investor Place.

Collins goes on to say, “These shares are highly volatile. In March 2009, this inverse ETF traded at over $260, but now, with financial stocks under pressure, a “V” bottom appears to be forming. On Friday, (NYSE:SKF) closed above its 50-day moving average and the stochastic issued a buy signal. The immediate target is modest– its bearish resistance line at $24. But if the stock market confirms that a bear market has begun, this inverse ETF could break out with $30 as its target.”  (Take a look at our SKF category for more informational articles: HERE)

SKF Chart

Chart Key

  

 

Leave a Reply

Your email address will not be published. Required fields are marked *