Shares of Power Shares DB U.S. Dollar (NYSE: UUP have declined from January 13 closing highs at $22.75 to $21.95 on Wednesday, February 29. This is a loss of 3.5%.
Not much of a decline but then there could be more losses ahead.
UUP is just above critical support at $21.61. If prices can hold here, we could have another move higher in coming weeks.
But a decisive close below $21.61 would forecast a test of the prior correction lows down at just below $21.00 a share.
Our feeling is that support will not hold and lower lows are ahead. But trading needs to be based on what the chart tells us, so closely watching the critical $21.61 support level in coming days is important.
The Fibtimer.com ETF Timing Strategy has no position at this time in the Power Shares DB U.S. Dollar ETF.
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Power Shares DB U.S. Dollar Tests Support
Published 03/01/2012, 12:40 AM
Updated 07/09/2023, 06:31 AM
Power Shares DB U.S. Dollar Tests Support
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