Time To Go Long On DUG?

09/03/2008 12:00 am EST

Focus: ETFS

Tim Bourquin

Co-Founder, The Traders Expo and The Futures & Forex Expo

The UltraShort Oil & Gas ProShares ETF (DUG) is looking like a buy today after rising more than three dollars. It’s closed for the first time above the 200-day moving average and has bounced off it’s 50-day moving average which represented critical support.

Consider taking a long position but watch resistance at the 39.50 price point.

DUG Chart

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