Green day on Wednesday for QQQ ETF after gaining 0.234%StockInvest.us, 2 months ago
The QQQ ETF price gained 0.234% on the last trading day (Wednesday, 27th Sep 2023), rising from $354.21 to $355.04. During the last trading day the ETF fluctuated 1.60% from a day low at $351.37 to a day high of $356.98. The price has fallen in 6 of the last 10 days and is down by -5.12% for this period. 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, 54 million shares were bought and sold for approximately $19.16 billion.
The ETF lies in the lower of a falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $354.07 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the ETF is expected to fall -2.21% during the next 3 months and, with a 90% probability hold a price between $346.24 and $370.56 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Tuesday, September 26, 2023, and so far it has risen 0.234%. 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. The QQQ ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $359.86 and $367.82. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
QQQ finds support from accumulated volume at $354.21 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $5.61 (1.60%) between high and low. For the last week, the ETF has had daily average volatility of 1.23%.
QQQ holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.Check full QQQ forecast and analysis here.