SQQQ ETF Forecast

SQQQ ETF upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 25, 2024)

SQQQ Signals & Forecast

The SQQQ ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $12.14. On a fall, the ETF will find some support from the long-term average at approximately $11.03. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -6.54%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for SQQQ ETF

SQQQ finds support from accumulated volume at $11.44 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.600 between high and low, or 5.03%. For the last week, the ETF has had daily average volatility of 5.19%.

Our recommended stop-loss: $11.31 (-5.72%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (SQQQ) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect ProShares UltraPro Short QQQ to open at $12.15, and during the day (based on 14 day Average True Range), to move between $11.45 and $12.55, which gives a possible trading interval of +/-$0.546 (+/-4.55%) up or down from last closing price. If ProShares UltraPro Short QQQ takes out the full calculated possible swing range there will be an estimated 9.10% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $12.07 (0.58%) than the support at $11.44 (4.67%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is ProShares UltraPro Short QQQ ETF A Buy?

SQQQ holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.006 Hold/Accumulate Upgraded

Predicted Opening Price for ProShares UltraPro Short QQQ of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.