ProShares Trust - ProShares Nasdaq-100 ETF Forecast
ProShares Trust - ProShares Nasdaq-100 ETF upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Mar 27, 2024)
The ProShares Trust - ProShares Nasdaq-100 ETF price fell by -0.82% on the last day (Wednesday, 27th Mar 2024) from $43.68 to $43.32. During the last trading day the ETF fluctuated 1.16% from a day low at $43.18 to a day high of $43.68. The price has fallen in 5 of the last 10 days and is down by -0.16% 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 -11 thousand shares and in total, 1 thousand shares were bought and sold for approximately $53.02 thousand.
The ETF lies in the middle of a narrow 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 13.92% during the next 3 months and, with a 90% probability hold a price between $48.67 and $50.68 at the end of this 3-month period.
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QQQA Signals & Forecast
The ProShares Trust - ProShares Nasdaq-100 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 $43.64. On a fall, the ETF will find some support from the long-term average at approximately $43.02. 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. 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 Thursday, March 21, 2024, and so far it has fallen -1.57%. 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 along with the price during the last trading day which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for ProShares Trust - ProShares Nasdaq-100 ETF
ProShares Trust - ProShares Nasdaq-100 finds support from accumulated volume at $41.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the ETF During the last day, the ETF moved $0.500 between high and low, or 1.16%. For the last week the ETF has had daily average volatility of 0.686%
Our recommended stop-loss: $41.34 (-4.58%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (QQQA) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect ProShares Trust - ProShares Nasdaq-100 Dorsey Wright Momentum ETF to open at $43.39, and during the day (based on 14 day Average True Range), to move between $42.76 and $43.88, which gives a possible trading interval of +/-$0.557 (+/-1.29%) up or down from last closing price. If ProShares Trust - ProShares Nasdaq-100 Dorsey Wright Momentum ETF takes out the full calculated possible swing range there will be an estimated 2.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $43.63 (0.72%) than the support at $41.85 (3.39%), 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 Trust - ProShares Nasdaq-100 Dorsey Wright Momentum 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 ProShares Trust - ProShares Nasdaq-100 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: 1.493 Buy Candidate Upgraded
Predicted Opening Price for ProShares Trust - ProShares Nasdaq-100 Dorsey Wright Momentum ETF of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$43.39 ( 0.169%) | $43.32 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QQQA
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 43.89 | 1.32 % | |
R2 | 43.70 | 0.88 % | ||
R1 | 43.58 | 0.610 % | ||
Current price: | 43.32 | |||
Support | S1 | 43.20 | -0.272 % | |
S2 | 43.08 | -0.544 % | ||
S3 | 42.89 | -0.98 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 43.82 | 1.15 % | |
R2 | 43.68 | 0.83 % | ||
R1 | 43.63 | 0.716 % | ||
Current price | 43.32 | |||
Support | S1 | 41.85 | -3.39% | |
S2 | 41.66 | -3.82% | ||
S3 | 38.44 | -11.27% |
QQQA Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.0214 | 0.0495% |
2 | Sep 20, 2023 | Sep 20, 2023 | Sep 20, 2023 | $0.100 | 0.294% |
3 | Mar 21, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.0340 | 0.107% |
4 | Dec 21, 2022 | Dec 22, 2022 | Dec 30, 2022 | $0.0510 | 0.162% |
5 | Sep 20, 2022 | Sep 21, 2022 | Sep 28, 2022 | $0.0240 | 0.0772% |
FAQ
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