TQQQ ETF upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.

The TQQQ ETF price fell by -2.84% on the last day (Friday, 16th Dec 2022) from $19.70 to $19.14. It has now fallen 4 days in a row. During the last trading day the ETF fluctuated 5.87% from a day low at $18.71 to a day high of $19.81. The price has fallen in 7 of the last 10 days and is down by -18.17% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -41 million shares and in total, 151 million shares were bought and sold for approximately $2.89 billion.

The ETF is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect TQQQ ETF with a 90% probability to be traded between $17.45 and $24.02 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.

There are few to no technical positive signals at the moment. The TQQQ ETF 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 $21.03 and $21.05. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, December 01, 2022, and so far it has fallen -19.33%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

TQQQ finds support from accumulated volume at $18.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $1.10 between high and low, or 5.87%. For the last week, the ETF has had daily average volatility of 7.86%.

TQQQ 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 ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.