DDM closes higher for the 2nd day in a row


ProShares Ultra Dow30 (DDM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

DDM pushes through key technical resistance level
DDM closes higher for the 2nd day in a row
DDM pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, DDM ended the month 2.26% higher at 40.31 after gaining $0.60 (1.51%) today. Closing above Monday's high at 39.71, ProShares Ultra confirmed its breakout through the prior session high after trading up to $0.97 above it intraday.

Daily Candlestick Chart (DDM as at Jun 30, 2020):

Daily technical analysis candlestick chart for ProShares Ultra Dow30 (DDM) as at Jun 30, 2020

Tuesday's trading range has been $1.31 (3.32%), that's slightly below the last trading month's daily average range of $1.72. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DDM.

Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.

Buyers managed to take out the key technical resistance level at 40.06 (now S1), which is likely to act as support going forward. The last time this happened on June 25th, DDM actually lost -5.52% on the following trading day.

The ETF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Buying might accelerate should prices move above the close-by swing high at 42.09 where further buy stops could get activated. As prices are trading close to June's low at 37.51, downside momentum might speed up should the market mark new lows for the month.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for ProShares Ultra. Out of 328 times, DDM closed higher 56.40% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 65.24% with an average market move of 1.07%.


Market Conditions for DDM as at Jun 30, 2020

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