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

The SQQQ ETF price gained 1.80% on the last trading day (Thursday, 20th Oct 2022), rising from $57.16 to $58.19. 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 8.02% from a day low at $54.50 to a day high of $58.87. The price has risen in 7 of the last 10 days and is up by 9.85% 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, 1 million more shares were traded than the day before. In total, 144 million shares were bought and sold for approximately $8.40 billion.

The ETF lies in the middle of a very wide and 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 58.41% during the next 3 months and, with a 90% probability hold a price between $80.70 and $104.39 at the end of this 3-month period.

The SQQQ 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 $59.54. On a fall, the ETF will find some support from the long-term average at approximately $53.20. 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 Friday, October 14, 2022, and so far it has fallen -9.61%. 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).

SQQQ finds support from accumulated volume at $56.97 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 $4.37 between high and low, or 8.02%. For the last week, the ETF has had daily average volatility of 8.52%.

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 SQQQ 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.