Green day on Friday for QQQStockInvest.us, 1 month ago
The QQQ ETF price gained 1.98% on the last trading day (Friday, 19th Jan 2024), rising from $412.99 to $421.18. During the last trading day the ETF fluctuated 1.62% from a day low at $414.63 to a day high of $421.34. The price has risen in 8 of the last 10 days and is up by 6.28% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 million more shares were traded than the day before. In total, 70 million shares were bought and sold for approximately $29.35 billion.
The ETF lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the ETF is expected to rise 17.08% during the next 3 months and, with a 90% probability hold a price between $470.47 and $499.71 at the end of this 3-month period.
The QQQ ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $411.19 and $402.23. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, January 04, 2024, and so far it has risen 6.28%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
QQQ finds support from accumulated volume at $409.52 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $6.71 between high and low, or 1.62%. For the last week the ETF has had daily average volatility of 1.13%.
QQQ holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.Check full QQQ forecast and analysis here.