When Proshares Ultrashort Bloomberg ($SCO) Moves Investors should Listen
March 21, 2023, 11:15 am ET, BY Jesse F.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
Longer Term Trading Plans for SCO
- Buy SCO slightly over 29.69 target n/a stop loss @ 29.6. Details
The technical summary data tells us to buy SCO near 29.69, but there is no current upside target from the summary table. In this case we should wait until either an update to the summary table has been made (which usually happens at the beginning of every trading day), or until the position has been stopped. The data does tell us to set a stop loss 29.6 to protect against excessive loss in case the stock begins to move against the trade. 29.69 is the first level of support below 30.04, and by rule, any test of support is a buy signal. In this case, if support 29.69 is being tested, a buy signal would exist.
- NONE . Details
NONE .
There are no current resistance levels from the summary table, and therefore there are no Short resistance Plans which tell us to short upon tests of resistance. Resistance levels have broken higher and unless the stock reverses lower and below support levels again short positions look risky.
Swing Trading Plans for SCO
- Buy SCO slightly over 30.60, target 33.38, Stop Loss @ 30.51 Details
If 30.60 begins to break higher, the technical summary data tells us to buy SCO just slightly over 30.60, with an upside target of 33.38. The data also tells us to set a stop loss @ 30.51 in case the stock turns against the trade. 30.60 is the first level of resistance above 30.04, and by rule, any break above resistance is a buy signal. In this case, 30.60, 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 30.60, target 29.69, Stop Loss @ 30.69. Details
The technical summary data is suggesting a short of SCO if it tests 30.60 with a downside target of 29.69. We should have a stop loss in place at 30.69 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, 30.60, 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 30.60, target 31.18, Stop Loss @ 30.53 Details
If 30.60 begins to break higher, the technical summary data tells us to buy SCO just slightly over 30.60, with an upside target of 31.18. The data also tells us to set a stop loss @ 30.53 in case the stock turns against the trade. 30.60 is the first level of resistance above 30.04, and by rule, any break above resistance is a buy signal. In this case, 30.60, 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 30.60, target 29.69, Stop Loss @ 30.67. Details
The technical summary data is suggesting a short of SCO if it tests 30.60 with a downside target of 29.69. We should have a stop loss in place at 30.67 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, 30.60, 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.
Real Time Updates are available on our Proshares Ultrashort Bloomberg (SCO) Page here: SCO.
SCO Ratings for March 21:
| Term → | Near |
Mid |
Long |
|---|
| Rating |
Strong |
Strong |
Weak |
| P1 |
0 |
0 |
17.26 |
| P2 |
31.18 |
30.60 |
23.13 |
| P3 |
33.59 |
33.38 |
29.69 |
Support and Resistance Plot Chart for SCO
Blue = Current Price
Red= Resistance
Green = Support
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How do we know what is going on #behindthescenes of a company? According to Stock Traders Daily, a 20-year #financialindustry innovator, the best way to do this to to watch the price action in the stock. The Proshares Ultrashort Bloomberg (NYSE: SCO) report below is a real world example. Included are trading plans for SCO, but this report is static. If you want an update, or a different stock, please get one here Unlimited Real Time Reports.
Fundamental Charts for SCO:
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