ProShares Ultra Oil & Gas (DIG) — This Exchange Traded Fund (ETF) seeks daily investment results which correspond to twice the daily performance of the Dow Jones Oil & Gas Index (DJUSEN).
On March 20, with DIG at just under $22, the Trade of the Day said, “Although the index is still in a down-trending consolidation, demand for crude oil and precious metals could drive DIG higher. A break above the 50-day moving average at $24 would likely lead to a test of the recent highs at $31 to $33 and even to a run up to over $50.”
And on May 11, we said, “Not only did DIG break above its 50-day moving average but broke out of its consolidation and appears headed first to the 200-day moving average at $40 and then north of $50.”
I’ll stick with that assessment and a new target of $50 to $60.
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