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The SQQQ ETF price fell by -5.59% on the last day (Friday, 11th Nov 2022) from $47.13 to $44.49. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 8.45% from a day low at $44.02 to a day high of $47.74. The price has been going up and down for this period, and there has been a -11.34% loss for the last 2 weeks. 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 -48 million shares and in total, 128 million shares were bought and sold for approximately $5.68 billion.
Given the current short-term trend, the ETF is expected to rise 43.73% during the next 3 months and, with a 90% probability hold a price between $63.95 and $102.25 at the end of this 3-month period.
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The SQQQ ETF holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $55.42 and $56.16. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, October 14, 2022, and so far it has fallen -30.89%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
SQQQ finds support from accumulated volume at $43.12 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $3.72 between high and low, or 8.45%. For the last week, the ETF has had daily average volatility of 8.43%.
SQQQ holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Check full SQQQ forecast and analysis here.