Invesco Nasdaq 100 ETF Forecast
Weaker technical forecast for Invesco Nasdaq 100 as ETF downgraded to Sell Candidate.
(Updated on Apr 30, 2024)
The Invesco Nasdaq 100 ETF price fell by -1.90% on the last day (Tuesday, 30th Apr 2024) from $178.06 to $174.68. During the last trading day the ETF fluctuated 1.89% from a day low at $174.67 to a day high of $177.97. The price has been going up and down for this period, and there has been a -1.52% loss for the last 2 weeks. 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 -371 thousand shares and in total, 1 million shares were bought and sold for approximately $212.60 million.
The ETF is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Invesco Nasdaq 100 ETF with a 90% probability to be traded between $170.58 and $183.52 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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QQQM Signals & Forecast
There are few to no technical positive signals at the moment. The Invesco Nasdaq 100 ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $175.35 and $179.46. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -1.90%. 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 Invesco Nasdaq 100 ETF
Invesco Nasdaq 100 finds support from accumulated volume at $173.72 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 $3.30 (1.89%) between high and low. For the last week, the ETF has had daily average volatility of 1.41%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (QQQM) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Invesco Nasdaq 100 ETF to open at $175.77, and during the day (based on 14 day Average True Range), to move between $171.91 and $177.45, which gives a possible trading interval of +/-$2.77 (+/-1.59%) up or down from last closing price. If Invesco Nasdaq 100 ETF takes out the full calculated possible swing range there will be an estimated 3.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $173.72 (0.55%) than the resistance at $175.91 (0.70%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Invesco Nasdaq 100 ETF ETF A Buy?
Invesco Nasdaq 100 holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF. 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 Sell candidate.
Current score: -3.037 Sell Candidate Downgraded
Predicted Opening Price for Invesco Nasdaq 100 ETF of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $175.77 ( 0.626%) | $174.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QQQM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 179.07 | 2.52 % | |
| R2 | 177.81 | 1.79 % | ||
| R1 | 177.03 | 1.35 % | ||
| Current price: | 174.68 | |||
| Support | S1 | 174.51 | -0.0958 % | |
| S2 | 173.73 | -0.542 % | ||
| S3 | 172.47 | -1.26 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 182.63 | 4.55 % | |
| R2 | 181.24 | 3.76 % | ||
| R1 | 175.91 | 0.704 % | ||
| Current price | 174.68 | |||
| Support | S1 | 173.72 | -0.550% | |
| S2 | 171.61 | -1.76% | ||
| S3 | 170.63 | -2.32% |
QQQM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 18, 2024 | Mar 18, 2024 | Mar 22, 2024 | $0.345 | 0.188% |
| 2 | Dec 18, 2023 | Dec 18, 2023 | Dec 22, 2023 | $0.381 | 0.227% |
| 3 | Sep 18, 2023 | Sep 18, 2023 | Sep 22, 2023 | $0.245 | 0.166% |
| 4 | Sep 08, 2023 | Jun 20, 2023 | Jun 23, 2023 | $0.217 | 0.146% |
| 5 | Jun 19, 2023 | Mar 20, 2023 | Mar 24, 2023 | $0.254 | 0.199% |
FAQ
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