QQQ ETF price up 1.22% on MondayStockInvest.us, 1 week ago
The QQQ ETF price gained 1.22% on the last trading day (Monday, 20th Nov 2023), rising from $386.04 to $390.74. 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 1.39% from a day low at $386.05 to a day high of $391.41. The price has risen in 8 of the last 10 days and is up by 5.83% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 634 thousand more shares were traded than the day before. In total, 43 million shares were bought and sold for approximately $16.67 billion.
The ETF has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $379.12 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the ETF is predicted to reach $414.26 sometime during the next 3 months.
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 $384.18 and $366.05. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 13.70%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
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 has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $5.36 between high and low, or 1.39%. For the last week, the ETF has had daily average volatility of 0.90%.
The QQQ ETF is extremely overbought on RSI14 (92). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.
QQQ holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Check full QQQ forecast and analysis here.