The ProShares Ultra Semiconductors ETF (USD) had several solid up days in a row last week and indicators seem to point to that continuing this week.
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The bullish candles of the past two trading days along with a MACD crossover both portend higher prices ahead.
There may be resistance at the 50-day moving average, but if it manages to break through that level and close above it on Tuesday, the next stop would be the recent high in early January of about $35.
By Tim Bourquin, trading content director, MoneyShow.com
