QQQ ETF upgraded from Sell Candidate to Buy Candidate after Friday trading session.StockInvest.us, 1 month ago
The QQQ ETF price gained 0.119% on the last trading day (Friday, 5th Jan 2024), rising from $396.28 to $396.75. During the last trading day the ETF fluctuated 1.06% from a day low at $395.35 to a day high of $399.56. The price has been going up and down for this period, and there has been a -1.57% 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, 6 million more shares were traded than the day before. In total, 44 million shares were bought and sold for approximately $17.65 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 15.76% during the next 3 months and, with a 90% probability hold a price between $448.70 and $482.71 at the end of this 3-month period.
The QQQ ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $403.75. On a fall, the ETF will find some support from the long-term average at approximately $396.71. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 -3.58%. 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 $4.21 between high and low, or 1.06%. For the last week the ETF has had daily average volatility of 1.04%.
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 Sell to a Buy candidate.Check full QQQ forecast and analysis here.