$UVXY 24-hour gain of 15.5%: A notable move, but the direction is still undecided
The price is holding firm, but trading volume hasn’t picked up. A short-term bullish outlook is conditional: the pullback needs to hold support. This candle closed above the moving average, but volume was slightly below normal, so chasing the rally feels a little premature. The gain is eye-catching, but don’t rush in.
Next, watch where the price closes on a pullback: can it stay above support? If it holds, then see whether volume picks up on another attempt to move higher.
Keep one level in mind: 18.8. If it holds, the upside target is 19.0529; if it fails, place a stop-loss near 18.6736.
#TrendTrading
The price is holding firm, but trading volume hasn’t picked up. A short-term bullish outlook is conditional: the pullback needs to hold support. This candle closed above the moving average, but volume was slightly below normal, so chasing the rally feels a little premature. The gain is eye-catching, but don’t rush in.
Next, watch where the price closes on a pullback: can it stay above support? If it holds, then see whether volume picks up on another attempt to move higher.
Keep one level in mind: 18.8. If it holds, the upside target is 19.0529; if it fails, place a stop-loss near 18.6736.
#TrendTrading