Stronger technical forecast for QQQ ETF price after Tuesday trading.

The QQQ ETF price gained 0.454% on the last trading day (Tuesday, 30th May 2023), rising from $348.40 to $349.98. 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 1.55% from a day low at $348.53 to a day high of $353.93. The price has risen in 7 of the last 10 days and is up by 7.1% 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, 11 million more shares were traded than the day before. In total, 72 million shares were bought and sold for approximately $25.34 billion.

The ETF has broken the strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $347.67, a level that may pose a second chance to hit a runner. According to fan-theory $370.02 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $339.61 and $324.45. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 25, 2023, and so far it has risen 12.90%. 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.

On the downside, the ETF finds support just below today's level from accumulated volume at $306.81 and $290.69.There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, QQQ finds support just below today's level at $306.81. If this is broken, then the next support from accumulated volume will be at $290.69 and $288.55.

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 $5.40 (1.55%) between high and low. For the last week, the ETF has had daily average volatility of 1.52%.

The QQQ ETF is extremely overbought on RSI14 (82). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.

QQQ holds several positive signals and has broken the strong rising trend up. As the ETF is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.