Learn to Evaluate Proshares Ultrashort Bloomberg ($SCO) using the Charts
October 29, 2023, 09:30 am ET, BY Bill T.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for SCO
- Buy SCO slightly over 16.34 target 19.52 stop loss @ 16.29 Details
The technical summary data tells us to buy SCO near 16.34 with an upside target of 19.52. This data also tells us to set a stop loss @ 16.29 to protect against excessive loss in case the stock begins to move against the trade. 16.34 is the first level of support below 16.88 , and by rule, any test of support is a buy signal. In this case, support 16.34 would be being tested, so a buy signal would exist.
- Short SCO slightly under 19.52, target 16.34, stop loss @ 19.58 Details
The technical summary data is suggesting a short of SCO as it gets near 19.52 with a downside target of 16.34. We should have a stop loss in place at 19.58though. 19.52 is the first level of resistance above 16.88, and by rule, any test of resistance is a short signal. In this case, if resistance 19.52 is being tested, so a short signal would exist.
Swing Trading Plans for SCO
- Buy SCO slightly over 17.43, target 19.52, Stop Loss @ 17.38 Details
If 17.43 begins to break higher, the technical summary data tells us to buy SCO just slightly over 17.43, with an upside target of 19.52. The data also tells us to set a stop loss @ 17.38 in case the stock turns against the trade. 17.43 is the first level of resistance above 16.88, and by rule, any break above resistance is a buy signal. In this case, 17.43, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short SCO slightly near 17.43, target 16.34, Stop Loss @ 17.48. Details
The technical summary data is suggesting a short of SCO if it tests 17.43 with a downside target of 16.34. We should have a stop loss in place at 17.48 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 17.43, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Day Trading Plans for SCO
- Buy SCO slightly over 17.11, target 17.43, Stop Loss @ 17.07 Details
If 17.11 begins to break higher, the technical summary data tells us to buy SCO just slightly over 17.11, with an upside target of 17.43. The data also tells us to set a stop loss @ 17.07 in case the stock turns against the trade. 17.11 is the first level of resistance above 16.88, and by rule, any break above resistance is a buy signal. In this case, 17.11, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
- Short SCO slightly near 17.11, target 16.34, Stop Loss @ 17.15. Details
The technical summary data is suggesting a short of SCO if it tests 17.11 with a downside target of 16.34. We should have a stop loss in place at 17.15 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 17.11, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
Check the time stamp on this data. Updated AI-Generated Signals for Proshares Ultrashort Bloomberg (SCO) available here: SCO.
SCO Ratings for October 29:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Strong |
Weak |
Weak |
| P1 |
0 |
0 |
16.34 |
| P2 |
17.11 |
16.02 |
19.52 |
| P3 |
17.85 |
17.43 |
23.22 |
AI Generated Signals for SCO
Blue = Current Price
Red= Resistance
Green = Support
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When #institutionalinvestors make decisions to buy and sell #stocks they normally want to keep it quiet. However, if we pay close attention we can see what is going on, and make good decisions.. The Proshares Ultrashort Bloomberg (NYSE: SCO) report below can help you understand how to do this. The trading plans for SCO, are updated in real time for subscribers, but this report is static. If you want an update, or a different report on a different stock, please get one here Unlimited Real Time Reports.
Fundamental Charts for SCO:
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