Stronger technical forecast for PowerShares QQQ Trust stock price after Monday trading.StockInvest.us, 2 weeks ago
The PowerShares QQQ Trust stock price gained 0.0658% on the last trading day (Monday, 10th Jan 2022), rising from $379.86 to $380.11. During the day the stock fluctuated 3.07% from a day low at $369.31 to a day high of $380.64. The price has fallen in 8 of the last 10 days and is down by -5.79% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 18 million more shares were traded than the day before. In total, 90 million shares were bought and sold for approximately $34.35 billion.
The stock lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $377.81 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 stock is expected to rise 5.33% during the next 3 months and, with a 90% probability hold a price between $397.94 and $437.46 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 PowerShares QQQ Trust stock 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 $389.18 and $393.12. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, November 19, 2021, and so far it has fallen -5.91%. Further fall is indicated until a new bottom pivot has been found.
PowerShares QQQ Trust finds support from accumulated volume at $379.86 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $11.33 (3.07%) between high and low. For the last week, the stock has had a daily average volatility of 2.48%.
PowerShares QQQ Trust 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 stock since the last evaluation from a Sell to a Hold/Accumulate candidate.Check full PowerShares QQQ Trust forecast and analysis here.