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UVIX – More Upside Before a Steeper Decline

The $UVIX has been trending up, I think it would be a late entry to go long here since the price has already spiked from $8.70 to $11.50. There could be more upside but the UVIX is unlikely to remain above the midrange of the Bollinger Band around $12.20. The price has historically struggled to remain above the midrange so I think there will be a hard rejection above $12.20 and a steeper decline. This could be an opportunity to go long on the $SVIX once the UVIX is above Bollinger Band midrange.

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