Stronger technical forecast for QQQ ETF price after Friday trading.

The QQQ ETF price gained 2.74% on the last trading day (Friday, 20th Jan 2023), rising from $275.15 to $282.68. During the last trading day the ETF fluctuated 2.65% from a day low at $275.71 to a day high of $283.02. The price has risen in 8 of the last 10 days and is up by 8.07% 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, 15 million more shares were traded than the day before. In total, 59 million shares were bought and sold for approximately $16.61 billion.

The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect QQQ ETF with a 90% probability to be traded between $253.57 and $284.83 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Mostly positive signals in the chart today. The QQQ ETF holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $279.23 and $276.26. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, December 28, 2022, and so far it has risen 8.68%. Further rise is indicated until a new top pivot has been found. 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.

QQQ finds support from accumulated volume at $282.59 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $7.31 (2.65%) between high and low. For the last week, the ETF has had daily average volatility of 1.36%.

Several short-term signals 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 period.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.