ProShares UltraShort QQQ ETF Forecast
ProShares UltraShort QQQ ETF upgraded to Strong Buy Candidate.
(Updated on Apr 19, 2024)
The ProShares UltraShort QQQ ETF price gained 4.17% on the last trading day (Friday, 19th Apr 2024), rising from $49.44 to $51.50. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 4.49% from a day low at $49.64 to a day high of $51.87. The price has risen in 7 of the last 10 days and is up by 464.69% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 7 million shares were bought and sold for approximately $385.52 million.
Given the current short-term trend, the ETF is expected to rise 90.17% during the next 3 months and, with a 90% probability hold a price between $31.06 and $97.94 at the end of this 3-month period.
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QID Signals & Forecast
Mostly positive signals in the chart today. The ProShares UltraShort 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 $47.98 and $17.96. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 22, 2024, and so far it has risen 481.92%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for ProShares UltraShort QQQ ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $47.65 and $46.10. 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, ProShares UltraShort QQQ finds support just below today's level at $47.65. If this is broken, then the next support from accumulated volume will be at $46.10 and $46.09.
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 $2.23 between high and low, or 4.49%. For the last week, the ETF has had daily average volatility of 3.65%.
The ProShares UltraShort QQQ 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: $49.91 (-3.08%) (This ETF has very high daily movements and this gives very high risk. The RSI14 is 96 and this increases the risk substantially. There is a buy signal from a pivot bottom found 19 days ago.)
Trading Expectations (QID) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect ProShares UltraShort QQQ to open at $51.00, and during the day (based on 14 day Average True Range), to move between $49.06 and $53.94, which gives a possible trading interval of +/-$2.44 (+/-4.74%) up or down from last closing price. If ProShares UltraShort QQQ takes out the full calculated possible swing range there will be an estimated 9.48% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $47.65, some $3.85 (7.48%) from the current price of $51.50, our system finds the risk reward attractive.
Is ProShares UltraShort QQQ ETF A Buy?
ProShares UltraShort QQQ holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.094 Strong Buy Candidate Upgraded
Predicted Opening Price for ProShares UltraShort QQQ of Monday, April 22, 2024
Fair opening price April 22, 2024 | Current price |
---|---|
$51.00 ( 0.97%) | $51.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QID
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 53.23 | 3.36 % | |
R2 | 52.38 | 1.71 % | ||
R1 | 51.85 | 0.686 % | ||
Current price: | 51.50 | |||
Support | S1 | 50.15 | -2.62 % | |
S2 | 49.63 | -3.64 % | ||
S3 | 48.78 | -5.29 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 51.50 | |||
Support | S1 | 47.65 | -7.48% | |
S2 | 46.10 | -10.49% | ||
S3 | 46.09 | -10.50% |
QID Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.158 | 0.353% |
2 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.206 | 0.377% |
3 | Jan 23, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.176 | 0.247% |
4 | Jan 23, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.133 | 0.196% |
5 | Jan 23, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0830 | 0.0897% |
FAQ
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