VictoryShares Nasdaq Next 50 ETF Forecast

Weaker technical forecast for VictoryShares Nasdaq Next 50 as ETF downgraded to Sell Candidate.
(Updated on May 06, 2024)

QQQN Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 5.11%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The VictoryShares Nasdaq Next 50 ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $28.52. On a fall, the ETF will find some support from the short-term average at $27.96. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for VictoryShares Nasdaq Next 50 ETF

VictoryShares Nasdaq Next 50 finds support from accumulated volume at $28.17 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 controlled movements and therefore the general risk is considered 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 $0.165 between high and low, or 0.585%. For the last week the ETF has had daily average volatility of 1.24%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (QQQN) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect VictoryShares Nasdaq Next 50 ETF to open at $28.34, and during the day (based on 14 day Average True Range), to move between $27.98 and $28.80, which gives a possible trading interval of +/-$0.406 (+/-1.43%) up or down from last closing price. If VictoryShares Nasdaq Next 50 ETF takes out the full calculated possible swing range there will be an estimated 2.86% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $28.50 (0.39%) than the support at $28.17 (0.77%), 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 VictoryShares Nasdaq Next 50 ETF ETF A Buy?

VictoryShares Nasdaq Next 50 holds several negative signals and we believe that 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: -1.095 Sell Candidate Downgraded

Predicted Opening Price for VictoryShares Nasdaq Next 50 ETF of Tuesday, May 7, 2024

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