High volatility in SQQQ ETF price on Friday which ended trading at $64.38

The SQQQ ETF price gained 8.92% on the last trading day (Friday, 14th Oct 2022), rising from $59.11 to $64.38. During the last trading day the ETF fluctuated 13.47% from a day low at $57.05 to a day high of $64.74. The price has risen in 6 of the last 10 days and is up by 4.99% over the past 2 weeks. Volume fell on the last day by -56 million shares and in total, 169 million shares were bought and sold for approximately $10.90 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 in the middle of a very wide and 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 36.7% during the next 3 months and, with a 90% probability hold a price between $63.45 and $98.27 at the end of this 3-month period.

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 $60.43 and $51.63. 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 92.47%. Further rise is indicated until a new top pivot has been found. 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. 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 $59.11 and $56.97.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 $59.11. If this is broken, then the next support from accumulated volume will be at $56.97 and $53.68.

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 $7.69 between high and low, or 13.47%. For the last week, the ETF has had daily average volatility of 10.34%.

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.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.