You may find it difficult to apply analysis to this instrument because of the way that ultra short products work. They have asymmetrical price movements because of the leveraging. Losses are compounded mathematically versus gains which are linear. Read up on how these behave for more info.
What you could do is use this product as a vehicle to express trade ideas based upon the underlying instrument: VIX
VIX, and volatility as a rule, has a 'mean reverting nature' and you can chart these reversions to the mean with moving averages or 50% retracements. Often times these retracements will form as resistances which VIX will spike to and then bounce. It is also indicative of market bottoms.
What you could do is use this product as a vehicle to express trade ideas based upon the underlying instrument: VIX
VIX, and volatility as a rule, has a 'mean reverting nature' and you can chart these reversions to the mean with moving averages or 50% retracements. Often times these retracements will form as resistances which VIX will spike to and then bounce. It is also indicative of market bottoms.