PROSHARES SHORT QQQ ETF Forecast

PROSHARES SHORT QQQ ETF price up 0.231% on Thursday
(Updated on May 16, 2024)

PSQ Signals & Forecast

The PROSHARES SHORT QQQ ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $44.00. On a fall, the ETF will find some support from the long-term average at approximately $36.79. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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, April 19, 2024, and so far it has fallen -7.80%. 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).

Support, Risk & Stop-loss for PROSHARES SHORT QQQ ETF

PROSHARES SHORT QQQ finds support from accumulated volume at $43.29 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $0.270 (0.626%) between high and low. For the last week, the ETF has had daily average volatility of 0.85%.

Our recommended stop-loss: $41.40 (-4.58%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 19 days ago.)

Trading Expectations (PSQ) For The Upcoming Trading Day Of Friday 17th

For the upcoming trading day on Friday, 17th we expect PROSHARES SHORT QQQ to open at $43.31, and during the day (based on 14 day Average True Range), to move between $42.51 and $44.27, which gives a possible trading interval of +/-$0.88 (+/-2.02%) up or down from last closing price. If PROSHARES SHORT QQQ takes out the full calculated possible swing range there will be an estimated 4.04% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $43.29 (0.23%) than the resistance at $44.47 (2.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is PROSHARES SHORT QQQ 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 PROSHARES SHORT QQQ ETF to perform well in the short-term.

Current score: 3.690 Buy Candidate Unchanged

Predicted Opening Price for PROSHARES SHORT QQQ of Friday, May 17, 2024

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