TQQQ ETF downgraded from Strong Buy Candidate to Hold/Accumulate after Wednesday trading session.

The TQQQ ETF price gained 0.279% on the last trading day (Wednesday, 15th Nov 2023), rising from $42.94 to $43.06. During the last trading day the ETF fluctuated 2.77% from a day low at $42.60 to a day high of $43.78. The price has risen in 8 of the last 10 days and is up by 24.92% over the past 2 weeks. Volume fell on the last day by -8 million shares and in total, 108 million shares were bought and sold for approximately $4.66 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The ETFhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $40.04, a level that may pose a second chance to hit a runner. According to fan-theory $49.86 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

The TQQQ 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 $40.52 and $36.75. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 26, 2023, and so far it has risen 39.53%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.

On the downside, the ETF finds support just below today's level from accumulated volume at $35.70 and $34.47.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, TQQQ finds support just below today's level at $35.70. If this is broken, then the next support from accumulated volume will be at $34.47 and $32.77.

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 $1.18 between high and low, or 2.77%. For the last week, the ETF has had daily average volatility of 3.55%.

The TQQQ ETF is extremely overbought on RSI14 (91). 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.

TQQQ holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.