Invesco China Technology ETF Forecast

Stronger technical forecast for Invesco China Technology ETF price after Thursday trading.
(Updated on May 09, 2024)

CQQQ Signals & Forecast

The Invesco China Technology 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 $35.76 and $32.84. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -1.58%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Invesco China Technology ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $31.06 and $31.04. 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, Invesco China Technology finds support just below today's level at $31.06. If this is broken, then the next support from accumulated volume will be at $31.04 and $30.00.

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 $0.310 between high and low, or 0.86%. For the last week, the ETF has had daily average volatility of 1.01%.

The Invesco China Technology ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.

Our recommended stop-loss: $34.60 (-3.95%) (This ETF has high daily movements and this gives high risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (CQQQ) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Invesco China Technology ETF to open at $36.01, and during the day (based on 14 day Average True Range), to move between $35.21 and $36.83, which gives a possible trading interval of +/-$0.81 (+/-2.25%) up or down from last closing price. If Invesco China Technology ETF takes out the full calculated possible swing range there will be an estimated 4.50% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $36.44 (1.17%) than the support at $31.06 (13.77%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Invesco China Technology ETF ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Invesco China Technology ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.869 Buy Candidate Upgraded

Predicted Opening Price for Invesco China Technology ETF of Friday, May 10, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.