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ProShares UltraPro Short QQQ Stock Forecast

NASDAQ:SQQQ BUY SELL

$58.84 (3.87%)

Volume: 140.492M

Closed: Jun 30, 2022

Hollow Logo Score: 5.053

ProShares UltraPro Short QQQ Stock Forecast

BUY SELL NASDAQ:SQQQ
$58.84 (3.87%)

Volume: 140.492M

Closed: Jun 30, 2022

Score Hollow Logo 5.053
Which way will SQQQ go? Request
Thu, Jun 30, 2022 Strong Buy Candidate
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
RSI min/max Values: [ 20 - 80 ] RSI14 is 58 and the stock is currently not being overbought or oversold
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ProShares UltraPro Short QQQ stock upgraded to Strong Buy Candidate.
(Updated on Jun 30, 2022)


Buy candidate since 2022-06-28 Gain 3.65% PDF

The ProShares UltraPro Short QQQ stock price gained 3.87% on the last trading day (Thursday, 30th Jun 2022), rising from $56.65 to $58.84. During the day the stock fluctuated 8.57% from a day low at $56.62 to a day high of $61.47. The price has been going up and down for this period, and there has been a -0.56% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 29 million more shares were traded than the day before. In total, 140 million shares were bought and sold for approximately $8.27 billion.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 51.74% during the next 3 months and, with a 90% probability hold a price between $79.19 and $105.51 at the end of this 3-month period.

Signals & Forecast

The ProShares UltraPro Short QQQ stock 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 $55.93 and $54.98. A breakdown below any of these levels will issue sell signals. 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. 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, June 16, 2022, and so far it has fallen -10.97%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss

On the downside, the stock finds support just below today's level from accumulated volume at $53.65 and $49.81. There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, ProShares UltraPro Short QQQ finds support just below today's level at $53.65. If this is broken, then the next support from accumulated volume will be at $49.81 and $47.95.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $4.85 between high and low, or 8.57%. For the last week, the stock has had a daily average volatility of 8.04%.

Our recommended stop-loss: $55.40 (-5.84%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 9 days ago.)

Trading Expectations For The Upcoming Trading Day Of Friday 1st

For the upcoming trading day on Friday 1st we expect ProShares UltraPro Short QQQ to open at $58.98, and during day (based on 14 day Average True Range), to move between $53.92 and $63.76, which gives a possible trading interval of +/-$4.92 (+/-8.36%) up or down from last closing price. If ProShares UltraPro Short QQQ takes out the full calculated possible swing range there will be an estimated 16.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $59.17 (0.56%) than the support at $53.65 (8.82%), our systems don't find the trading risk/reward intra-day attractive and any bets should be hold until the stock is closer to the support level.

Is ProShares UltraPro Short QQQ stock A Buy?

ProShares UltraPro Short 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 stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.053

Strong Buy Candidate Upgraded

Predicted Opening Price for ProShares UltraPro Short QQQ of Friday, July 1, 2022

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

Fair opening price July 1, 2022 Current price
$58.98 $58.84 (Undervalued)

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Fibonacci Support & Resistance Levels

Level Price Change
Resistance 63.83 8.47 %
61.97 5.33 %
60.83 3.38 %
Current price: 58.84
Support 57.12 -2.92 %
55.98 -4.86 %
54.13 -8.01 %

Accumulated Volume Support & Resistance Levels

Level Price Chg %
Resistance 64.21 9.13 %
59.34 0.85 %
59.17 0.56 %
Current price 58.84
Support 53.65 -8.82%
49.81 -15.35%
47.95 -18.51%

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About ProShares UltraPro Short QQQ

The investment seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the NASDAQ-100 Index®. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as three times the inverse (-3x) of the daily return of the index. The index, a modified market capitalization-weighted index, includes 100 of ... Read more

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