Buy Signal Issued on UDN
by Sam Collins 08/20/09
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PowerShares DB US Dollar Index Bearish (UDN) -- This ETF seeks to track the price and yield performance of the Deutsche Bank Short US Dollar Futures index.
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If the dollar continues to fall vs. a package of currency futures this ETF will move higher.
UDN is very bullish with prices now in the handle of a Cup & Handle formation just above the bullish support line and the 50-day moving average at $27.
Buying volume is higher than selling volume and the Stochastic has issued a buy signal. ETF Connect reports that on Tuesday UDN's NAV was $27.19.
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