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Yesterday, on a spike in volume, the ProShares UltraShort Oil and Gas ETF (DUG) formed a distinct reversal candle and could offer a buying opportunity on a pullback into support near its 10-day and 20-day moving averages. We will be monitoring this ETF closely for a potential pullback buy entry. On a pullback buy entry, we look for an ETF to undercut a key moving average or support level, and form a reversal candle. The reversal candle then serves as the pivot for a possible trade entry. In this example, the potential long entry would occur on a move above the reversal candle.

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