High volatility in SQQQ ETF price on Thursday which ended trading at $59.11

The SQQQ ETF price fell by -6.69% on the last day (Thursday, 13th Oct 2022) from $63.35 to $59.11. During the last trading day the ETF fluctuated 19.93% from a day low at $57.99 to a day high of $69.55. The price has risen in 6 of the last 10 days and is up by 1.65% over the past 2 weeks. Volume has increased on the last day by 99 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 225 million shares were bought and sold for approximately $13.29 billion.

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 36.25% during the next 3 months and, with a 90% probability hold a price between $60.71 and $86.67 at the end of this 3-month period.

There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Wednesday, October 12, 2022, and so far it has fallen -6.69%. 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). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. 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 $58.61 and $50.86. A breakdown below any of these levels will issue sell signals.

SQQQ finds support from accumulated volume at $56.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $11.56 between high and low, or 19.93%. For the last week, the ETF has had daily average volatility of 9.16%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SQQQ ETF to perform well in the short-term.