Green day on Friday for QQQ ETF after gaining 0.13%StockInvest.us, 2 months ago
The QQQ ETF price gained 0.13% on the last trading day (Friday, 8th Jul 2022), rising from $294.98 to $295.35. , and has now gained 6 days in a row. It is not often that ETFS manage to gain so many days in a row, and falls for a day or two should be expected. During the day the ETF fluctuated 1.93% from a day low at $291.12 to a day high of $296.75. The price has risen in 7 of the last 10 days and is up by 3.69% 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, 3 million more shares were traded than the day before. In total, 60 million shares were bought and sold for approximately $17.74 billion.
Given the current short-term trend, the ETF is expected to fall -16.01% during the next 3 months and, with a 90% probability hold a price between $216.91 and $248.06 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.
Mostly positive signals in the chart today. 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 $287.47 and $291.61. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 16, 2022, and so far it has risen 8.83%. Further rise is indicated until a new top pivot has been found. 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.
QQQ finds support from accumulated volume at $291.84 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $5.63 between high and low, or 1.93%. For the last week, the ETF has had a daily average volatility of 2.32%.
Since the QQQ has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.Check full QQQ forecast and analysis here.