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The SQQQ ETF price gained 3.73% on the last trading day (Tuesday, 11th Oct 2022), rising from $60.93 to $63.20. 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 7.52% from a day low at $59.99 to a day high of $64.50. The price has risen in 6 of the last 10 days and is up by 11.01% 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, 15 million more shares were traded than the day before. In total, 157 million shares were bought and sold for approximately $9.90 billion.
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 $67.54 will firstly indicate a stronger rate of rising.Given the current short-term trend, the ETF is expected to rise 22.97% during the next 3 months and, with a 90% probability hold a price between $50.83 and $83.05 at the end of this 3-month period.
Mostly positive signals in the chart today. The SQQQ 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 $56.63 and $49.62. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, August 15, 2022, and so far it has risen 88.94%. 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.
On the downside, the ETF finds support just below today's level from accumulated volume at $56.97 and $53.68.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, SQQQ finds support just below today's level at $56.97. If this is broken, then the next support from accumulated volume will be at $53.68 and $51.78.
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 $4.51 between high and low, or 7.52%. For the last week, the ETF has had daily average volatility of 7.20%.
SQQQ 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 SQQQ forecast and analysis here.