Thu Sep 19 06:57:19 UTC 2024: ## ProShares UltraShort Bloomberg Crude Oil (SCO) Surges Above Key Technical Level
**New York, NY – September 19, 2024** – Shares of ProShares UltraShort Bloomberg Crude Oil (SCO), an exchange-traded fund (ETF) that provides -2x the daily return of an index of futures contracts on light sweet crude oil, crossed above its 200-day moving average during trading on Wednesday.
The stock reached a high of $19.58, surpassing its 200-day moving average of $16.75. This positive movement suggests a potential shift in sentiment and could signal further upward momentum for the ETF.
Adding to the bullish outlook, IMC Chicago LLC, an institutional investor, recently increased its position in SCO by a significant 287.8% during the first quarter. The firm now owns 99,776 shares, representing approximately 0.88% of the ETF’s value.
SCO’s price action comes as the broader market witnesses a growing interest in energy-related investments. The ETF’s performance, combined with institutional investor confidence, suggests that the market is anticipating further volatility in crude oil prices and potentially anticipating downward pressure on the commodity.
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First Piper 