Green day on Friday for QQQ
StockInvest.us, 1 month ago
The QQQ ETF price gained 0.448% on the last trading day (Friday, 13th Sep 2024), rising from $473.22 to $475.34. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.91% from a day low at $472.25 to a day high of $476.53. The price has risen in 7 of the last 10 days and is up by 0.99% over the past 2 weeks. Volume fell on the last day by -10 million shares and in total, 29 million shares were bought and sold for approximately $13.67 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies the upper part of a wide and falling 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 $475.84 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the ETF is expected to fall -5.15% during the next 3 months and, with a 90% probability hold a price between $402.12 and $451.35 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
The QQQ ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $462.86 and $463.71. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. 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 Wednesday, August 21, 2024, and so far it has fallen -1.48%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the ETF finds support just below today's level from accumulated volume at $448.75 and $439.53.There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, QQQ finds support just below today's level at $448.75. If this is broken, then the next support from accumulated volume will be at $439.53 and $435.37.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $4.28 (0.91%) between high and low. For the last week, the ETF has had daily average volatility of 1.85%.
QQQ holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Check full QQQ forecast and analysis here.