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How to trade Proshares Ultrashort Bloomberg $SCO With Risk Controls

February 11, 2021, 10:00 am ET, BY Thomas H. Kee Jr - Editor, Stock Traders Daily | Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Price matters most to making money in the market. Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with our market based analysis, the probabilities of going with the flow increases, and that is material over time. The Proshares Ultrashort Bloomberg (NYSE: SCO) report below can help you, but we have more details too. The trading plans for SCO, and the other 1000+ stocks we follow, are updated in real time for subscribers, but this report is static. If you want an update, or a different report, please get one here Unlimited Real Time Reports.

Technical Summary

Term →	Near	Mid	Long
Rating	Weak	Weak	Weak
P1	0	0	6.06
P2	8.12	7.81	10.77
P3	0	8.27	20.23

⚠Triggers may have already come

Support and Resistance Plot Chart for SCO

Long Term Trading Plans for SCO

February 11, 2021, 10:00 am ET

The Technical Summary and Trading Plans for SCO 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 SCO Report.

SCO - (Long) Support Plan

The technical summary data tells us to buy SCO near 6.06 with an upside target of 10.77. This data also tells us to set a stop loss @ 6.04 to protect against excessive loss in case the stock begins to move against the trade. 6.06 is the first level of support below 8.19 , and by rule, any test of support is a buy signal. In this case, support 6.06 would be being tested, so a buy signal would exist.

SCO - (Short) Resistance Plan

The technical summary data is suggesting a short of SCO as it gets near 10.77 with a downside target of 6.06. We should have a stop loss in place at 10.8though. 10.77 is the first level of resistance above 8.19, and by rule, any test of resistance is a short signal. In this case, if resistance 10.77 is being tested, so a short signal would exist.