QQQ ETF Forecast

Stronger technical forecast for QQQ ETF price after Friday trading.
(Updated on May 24, 2024)

QQQ Signals & Forecast

Mostly positive signals in the chart today. The 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 $454.54 and $437.87. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 10.44%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.

Support, Risk & Stop-loss for QQQ ETF

QQQ finds support from accumulated volume at $439.02 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 $5.66 (1.25%) between high and low. For the last week, the ETF has had daily average volatility of 1.11%.

The 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: $445.22 (-2.78%) (This ETF has low daily movements and this gives low risk. The RSI14 is 86 and this increases the risk substantially. There is a buy signal from a pivot bottom found 44 days ago.)

Trading Expectations (QQQ) For The Upcoming Trading Day Of Tuesday 28th

For the upcoming trading day on Tuesday, 28th we expect Invesco QQQ Trust to open at $456.92, and during the day (based on 14 day Average True Range), to move between $452.62 and $463.28, which gives a possible trading interval of +/-$5.33 (+/-1.16%) up or down from last closing price. If Invesco QQQ Trust takes out the full calculated possible swing range there will be an estimated 2.33% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $439.02, some $18.93 (4.13%) from the current price of $457.95, our system finds the risk reward attractive.

Is Invesco QQQ Trust ETF A Buy?

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

Current score: 4.882 Buy Candidate Upgraded

Predicted Opening Price for Invesco QQQ Trust of Tuesday, May 28, 2024

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