When the Price of Proshares Ultrapro S&p500 UPRO Talks, People Listen

May 31, 2022, 11:30 am ET, BY Rolland S.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

This is not EF Hutton, but it could be more #powerful.  A picture speaks a thousand words, they say, and the #priceaction of Proshares Ultrapro S&p500 (NASDAQ: UPRO) tells an important story.  The movement tells us where investors perceive value, or the lack of it, and if we pay attention we can capture opportunity.  The data below for UPRO can be used as an example, and demonstrate how to do this for other stocks too.  This data was current at the time of publication, but it is not updated in real time here. If you want real time updates, or data on a different stock, please get one here Unlimited Real Time Reports. 

Longer Term Trading Plans for UPRO

• Buy UPRO slightly over 27.81 target 47.95 stop loss @ 27.73 Details

The technical summary data tells us to buy UPRO near 27.81 with an upside target of 47.95. This data also tells us to set a stop loss @ 27.73 to protect against excessive loss in case the stock begins to move against the trade. 27.81 is the first level of support below 46.16 , and by rule, any test of support is a buy signal. In this case, support 27.81 would be being tested, so a buy signal would exist.

• Short UPRO under 47.95, target 27.81, stop loss @ 48.09 Details

The technical summary data is suggesting a short of UPRO as it gets near 47.95 with a downside target of 27.81. We should have a stop loss in place at 48.09though. 47.95 is the first level of resistance above 46.16, and by rule, any test of resistance is a short signal. In this case, if resistance 47.95 is being tested, so a short signal would exist.

Swing Trading Plans for UPRO

• Buy UPRO slightly over 47.95, target 70.00, Stop Loss @ 47.81 Details

If 47.95 begins to break higher, the technical summary data tells us to buy UPRO just slightly over 47.95, with an upside target of 70.00. The data also tells us to set a stop loss @ 47.81 in case the stock turns against the trade. 47.95 is the first level of resistance above 46.16, and by rule, any break above resistance is a buy signal. In this case, 47.95, 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 UPRO near 47.95, target 44.00, Stop Loss @ 48.09. Details

The technical summary data is suggesting a short of UPRO if it tests 47.95 with a downside target of 44.00. We should have a stop loss in place at 48.09 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, 47.95, 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 UPRO

• Buy UPRO slightly over 47.65, target 47.95, Stop Loss @ 47.54 Details

If 47.65 begins to break higher, the technical summary data tells us to buy UPRO just slightly over 47.65, with an upside target of 47.95. The data also tells us to set a stop loss @ 47.54 in case the stock turns against the trade. 47.65 is the first level of resistance above 46.16, and by rule, any break above resistance is a buy signal. In this case, 47.65, 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 UPRO near 47.65, target 45.36, Stop Loss @ 47.76. Details

The technical summary data is suggesting a short of UPRO if it tests 47.65 with a downside target of 45.36. We should have a stop loss in place at 47.76 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, 47.65, 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.

UPRO Ratings for May 31:

Support and Resistance Plot Chart for UPRO

Real Time Updates for Repeat Institutional Readers:

Factset: Request User/Pass

Bloomberg, Reuters, Refinitiv, Zacks, or IB users: Access Here.