UYM - How to use Proshares Ultra Basic Material as a Forecasting Tool
Wall Street usually prices in events before they happen, and that is as true for Proshares Ultra Basic Material (NYSE: UYM) as it is for any other company. If news is anticipated, and investors want to know what to expect, a simple review of the stock's price action is one of the best ways to do that. The price action of UYM was used to prepare the plans below, it can reflect anticipation, and offer forward looking guidance without the need for analyst's opinions, which are often late and associated with decisions that have already been made anyway. This data changes over time, so we suggest updating the data for the most actionable results. For an update, please request Unlimited Real Time Reports .
Technical Summary
| Term ? | Near | Mid | Long |
|---|---|---|---|
| Bias | |||
| Strong | |||
| Strong | |||
| Strong | |||
| P1 | |||
| 0 | |||
| 0 | |||
| 76.10 | |||
| P2 | |||
| 83.94 | |||
| 84.60 | |||
| 82.00 | |||
| P3 | |||
| 88.80 | |||
| 89.87 | |||
| 87.66 |
Long Term Trading Plans for UYM
March 21, 2021, 7:00 pm ET
The Technical Summary and Trading Plans for UYM help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this UYM Report.
UYM - (Long) Support Plan
The technical summary data tells us to buy UYM near 82.00 with an upside target of 87.66. This data also tells us to set a stop loss @ 81.76 to protect against excessive loss in case the stock begins to move against the trade. 82.00 is the first level of support below 86.6617 , and by rule, any test of support is a buy signal. In this case, support 82.00 is being tested, a buy signal would exist.
UYM - (Short) Resistance Plan
The technical summary data is suggesting a short of UYM as it gets near 87.66 with a downside target of 82.00. We should have a stop loss in place at 87.91though. 87.66 is the first level of resistance above 86.6617, and by rule, any test of resistance is a short signal. In this case, if resistance 87.66 is being tested, a short signal would exist.