The UltraShort Oil & Gas ProShares (NYSEArca: DUG) takes two times the inverse, or -200%, daily performance of the Dow Jones U.S. Oil & Gas Index. More aggressive traders can take a look at the Direxion Daily Energy Bear 3X Shares (NYSEArca: ERY), which reflects three times the inverse, or -300%, daily performance of the energy select sector index.
Moreover, the recently launched Direxion Daily S&P Oil & Gas Exploration & Production Bear Shares (NYSEArca: DRIP) takes the -3x, or -300%, daily performance of the S&P Oil & Gas Exploration & Production Select Industry Index.
SEE MORE: 32 Best ETFs to Track Crude Oil
“I would be very cautious here, in terms of energy. Shorts should use the top of the wedge, $70, as a stop. If I were long, I would get hedges into play now. I do think the $58 to $62 range will develop as a new trading range should the breakdown continue. My inclination would be to anticipate a bounce back into the $67 to $68 area first, and then a fade into a new range,” according to TheStreet.
For more information on the Oil ETFs, visit our Oil category.
Energy Select Sector SPDR
