PROSHARES SHORT QQQ ETF Forecast
Weaker technical forecast for PROSHARES SHORT QQQ as ETF downgraded to Hold/Accumulate.
(Updated on May 02, 2024)
The PROSHARES SHORT QQQ ETF price fell by -1.21% on the last day (Thursday, 2nd May 2024) from $46.37 to $45.81. During the last trading day the ETF fluctuated 1.73% from a day low at $45.72 to a day high of $46.51. The price has fallen in 6 of the last 10 days and is down by -0.61% 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 -589 thousand shares and in total, 4 million shares were bought and sold for approximately $200.50 million.
The ETF lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 415.41% during the next 3 months and, with a 90% probability hold a price between $107.29 and $275.29 at the end of this 3-month period.
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PSQ Signals & Forecast
The PROSHARES SHORT 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 $45.79 and $26.69. A breakdown below any of these levels will issue sell signals. 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, April 19, 2024, and so far it has fallen -2.66%. 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.
Support, Risk & Stop-loss for PROSHARES SHORT QQQ ETF
PROSHARES SHORT QQQ finds support from accumulated volume at $45.24 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $0.790 between high and low, or 1.73%. For the last week, the ETF has had daily average volatility of 1.59%.
Our recommended stop-loss: $43.80 (-4.38%) (This ETF has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (PSQ) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect PROSHARES SHORT QQQ to open at $46.01, and during the day (based on 14 day Average True Range), to move between $44.43 and $47.19, which gives a possible trading interval of +/-$1.38 (+/-3.01%) up or down from last closing price. If PROSHARES SHORT QQQ takes out the full calculated possible swing range there will be an estimated 6.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $45.92 (0.24%) than the support at $45.24 (1.24%), 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 PROSHARES SHORT QQQ ETF A Buy?
PROSHARES SHORT QQQ 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 Buy to a Hold/Accumulate candidate.
Current score: 0.665 Hold/Accumulate Downgraded
Predicted Opening Price for PROSHARES SHORT QQQ of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $46.01 ( 0.444%) | $45.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PSQ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.80 | 2.17 % | |
| R2 | 46.50 | 1.51 % | ||
| R1 | 46.32 | 1.10 % | ||
| Current price: | 45.81 | |||
| Support | S1 | 45.71 | -0.215 % | |
| S2 | 45.53 | -0.622 % | ||
| S3 | 45.22 | -1.28 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 47.06 | 2.73 % | |
| R2 | 46.37 | 1.22 % | ||
| R1 | 45.92 | 0.240 % | ||
| Current price | 45.81 | |||
| Support | S1 | 45.24 | -1.24% | |
| S2 | 44.47 | -2.93% | ||
| S3 | 43.77 | -4.45% |
PSQ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.108 | 0.247% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.190 | 0.395% |
| 3 | Jan 23, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.143 | 0.260% |
| 4 | Jan 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.145 | 0.271% |
| 5 | Jan 23, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0920 | 0.147% |
FAQ
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