QQQ ETF upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.

The QQQ ETF price gained 1.3972211401117% on the last trading day (Thursday, 7th Dec 2023), rising from $385.05 to $390.43. During the last trading day the ETF fluctuated 1.11% from a day low at $386.97 to a day high of $391.27. The price has fallen in 6 of the last 10 days but is still up by 0.09% 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, 10 million more shares were traded than the day before. In total, 49 million shares were bought and sold for approximately $19.20 billion.

The ETF lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $395.70 will firstly indicate a stronger rate of rising.Given the current short-term trend, the ETF is expected to rise 7.04% during the next 3 months and, with a 90% probability hold a price between $380.67 and $423.55 at the end of this 3-month period.

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 $388.24 and $374.18. 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 Monday, November 20, 2023, and so far it has fallen -0.0793%. 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 $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.

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 $4.30 between high and low, or 1.11%. For the last week the ETF has had daily average volatility of 1.18%.

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