QQQ ETF price ended on $409.35 on Thursday after gaining 0.208%

StockInvest.us, 1 month ago

StockInvest.us

The QQQ ETF price gained 0.208% on the last trading day (Thursday, 11th Jan 2024), rising from $408.50 to $409.35. 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 1.72% from a day low at $404.24 to a day high of $411.20. The price has been going up and down for this period, and there has been a -0.52% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 18 million more shares were traded than the day before. In total, 51 million shares were bought and sold for approximately $20.84 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 16.55% during the next 3 months and, with a 90% probability hold a price between $459.01 and $490.86 at the end of this 3-month period.

QQQ

The QQQ 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 $402.84 and $399.00. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, December 27, 2023, and so far it has fallen -0.522%. 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).

On the downside, the ETF finds support just below today's level from accumulated volume at $359.97 and $354.60.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 $359.97. If this is broken, then the next support from accumulated volume will be at $354.60 and $343.66.

In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $6.96 between high and low, or 1.72%. For the last week the ETF has had daily average volatility of 1.39%.

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 QQQ ETF to perform well in the short-term.

Check full QQQ forecast and analysis here.