ProShares UltraShort QQQ ETF Forecast
Red day on Tuesday for ProShares UltraShort QQQ
(Updated on Apr 23, 2024)
The ProShares UltraShort QQQ ETF price fell by -2.87% on the last day (Tuesday, 23rd Apr 2024) from $50.48 to $49.03. During the last trading day the ETF fluctuated 2.89% from a day low at $48.71 to a day high of $50.12. The price has risen in 6 of the last 10 days and is up by 441.77% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -677 thousand shares and in total, 4 million shares were bought and sold for approximately $205.10 million.
The ETF lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $52.47 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 133.81% during the next 3 months and, with a 90% probability hold a price between $32.48 and $122.68 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
QID Signals & Forecast
The ProShares UltraShort QQQ 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 $49.23. On a fall, the ETF will find some support from the long-term average at approximately $20.28. 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). 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 -4.80%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for ProShares UltraShort QQQ ETF
ProShares UltraShort QQQ finds support from accumulated volume at $47.65 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $1.41 between high and low, or 2.89%. For the last week, the ETF has had daily average volatility of 3.46%.
The ProShares UltraShort QQQ ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: $46.62 (-4.91%) (This ETF has very high daily movements and this gives very high risk. The RSI14 is 91 and this increases the risk substantially. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (QID) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect ProShares UltraShort QQQ to open at $49.29, and during the day (based on 14 day Average True Range), to move between $46.68 and $51.38, which gives a possible trading interval of +/-$2.35 (+/-4.79%) up or down from last closing price. If ProShares UltraShort QQQ takes out the full calculated possible swing range there will be an estimated 9.59% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $49.44 (0.84%) than the support at $47.65 (2.81%), 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 UltraShort QQQ ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for ProShares UltraShort QQQ ETF to perform well in the short-term.
Current score: 2.899 Buy Candidate Unchanged
Predicted Opening Price for ProShares UltraShort QQQ of Wednesday, April 24, 2024
Fair opening price April 24, 2024 | Current price |
---|---|
$49.29 ( 0.523%) | $49.03 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QID
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 50.70 | 3.40 % | |
R2 | 50.16 | 2.30 % | ||
R1 | 49.83 | 1.62 % | ||
Current price: | 49.03 | |||
Support | S1 | 48.75 | -0.575 % | |
S2 | 48.42 | -1.25 % | ||
S3 | 47.88 | -2.35 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 51.50 | 5.04 % | |
R2 | 50.48 | 2.96 % | ||
R1 | 49.44 | 0.84 % | ||
Current price | 49.03 | |||
Support | S1 | 47.65 | -2.81% | |
S2 | 46.10 | -5.98% | ||
S3 | 46.09 | -6.00% |
QID Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.158 | 0.353% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.206 | 0.377% |
3 | Jan 23, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.176 | 0.247% |
4 | Jan 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.133 | 0.196% |
5 | Jan 23, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0830 | 0.0897% |
FAQ
Click here for our free guide on how to buy ProShares UltraShort QQQ ETF.