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Managing Risk in Proshares Ultra S&p500 $SSO by Using Price Action
This price action in Proshares Ultra S&p500 (NYSE: SSO) can help investors find opportunity, and manage risk. Stock Traders Daily has demonstrated that in this article. Review The plans for SSO below, and you will see how this works. Keep in mind, this data is current, but it is not real time. If you want a real time updates, or data on a different stock, please get one here Unlimited Real Time Reports.
Technical Summary
| Term → | Near | Mid | Long |
|---|---|---|---|
| Rating | Strong | Strong | Strong |
| P1 | 0 | 0 | 96.84 |
| P2 | 108.14 | 105.11 | 102.37 |
| P3 | 109.89 | 108.60 | 107.41 |
⚠Triggers may have already come
Support and Resistance Plot Chart for SSO
Long Term Trading Plans for SSO
April 8, 2021, 11:45 am ET
The Technical Summary and Trading Plans for SSO 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 SSO Report.
SSO - (Long) Support Plan
The technical summary data tells us to buy SSO near 107.41, 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 107.1 to protect against excessive loss in case the stock begins to move against the trade. 107.41 is the first level of support below 108.28, and by rule, any test of support is a buy signal. In this case, if support 107.41 is being tested, a buy signal would exist.
SSO - (Short) Resistance Plan
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.
Blue = Current Price
Red= Resistance
Green = Support
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