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The SQQQ ETF price gained 2.46% on the last trading day (Thursday, 17th Nov 2022), rising from $45.57 to $46.69. It has now gained 3 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 5.90% from a day low at $45.09 to a day high of $47.75. The price has fallen in 6 of the last 10 days and is down by -25.24% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 905 thousand more shares were traded than the day before. In total, 118 million shares were bought and sold for approximately $5.51 billion.
The ETF lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $43.78 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the ETF is expected to rise 24.4% during the next 3 months and, with a 90% probability hold a price between $54.46 and $86.45 at the end of this 3-month period.
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. 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 $47.43 and $54.86. 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 -27.48%. Further fall is indicated until a new bottom pivot has been found.
SQQQ finds support from accumulated volume at $45.32 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 $2.66 between high and low, or 5.90%. For the last week, the ETF has had daily average volatility of 6.20%.
The SQQQ ETF holds several negative signals and despite the positive trend, we believe SQQQ will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.
Check full SQQQ forecast and analysis here.