QQQ ETF downgraded to Sell Candidate

StockInvest.us, 1 month ago

StockInvest.us

The QQQ ETF price fell by -0.515% on the last day (Thursday, 4th Jan 2024) from $398.33 to $396.28. It has now fallen 5 days in a row. During the last trading day the ETF fluctuated 0.89% from a day low at $396.06 to a day high of $399.59. The price has fallen in 6 of the last 10 days and is down by -3.15% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -8 million shares and in total, 39 million shares were bought and sold for approximately $15.32 billion.

The ETF lies in the middle of a 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 16.05% during the next 3 months and, with a 90% probability hold a price between $449.43 and $482.92 at the end of this 3-month period.

QQQ

There are few to no technical positive signals at the moment. The QQQ ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $405.77 and $396.38. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, December 27, 2023, and so far it has fallen -3.70%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the ETF finds support just below today's level from accumulated volume at $364.70 and $359.97.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, QQQ finds support just below today's level at $364.70. If this is broken, then the next support from accumulated volume will be at $359.97 and $343.66.

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 $3.53 (0.89%) between high and low. For the last week, the ETF has had daily average volatility of 0.92%.

The QQQ ETF holds several negative signals and despite the positive trend, we believe QQQ will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Sell candidate.

Check full QQQ forecast and analysis here.