SQQQ ETF Forecast
Stronger technical forecast for SQQQ ETF price after Wednesday trading.
(Updated on May 01, 2024)
The SQQQ ETF price gained 2.26% on the last trading day (Wednesday, 1st May 2024), rising from $11.95 to $12.22. During the last trading day the ETF fluctuated 7.05% from a day low at $11.49 to a day high of $12.30. The price has been going up and down for this period, and there has been a 3.04% gain 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, 84 million more shares were traded than the day before. In total, 208 million shares were bought and sold for approximately $2.55 billion.
The ETF is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect SQQQ ETF with a 90% probability to be traded between $10.46 and $13.01 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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SQQQ Signals & Forecast
Mostly positive signals in the chart today. The SQQQ 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 $11.80 and $11.14. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 29, 2024, and so far it has risen 8.05%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for SQQQ ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $11.44 and $11.12. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, SQQQ finds support just below today's level at $11.44. If this is broken, then the next support from accumulated volume will be at $11.12 and $10.96.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.81 between high and low, or 7.05%. For the last week, the ETF has had daily average volatility of 4.91%.
Our recommended stop-loss: $11.77 (-3.66%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (SQQQ) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect ProShares UltraPro Short QQQ to open at $12.00, and during the day (based on 14 day Average True Range), to move between $11.66 and $12.78, which gives a possible trading interval of +/-$0.564 (+/-4.61%) 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 9.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $12.47 (2.05%) than the support at $11.44 (6.38%), 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 UltraPro Short QQQ ETF A Buy?
SQQQ holds several positive signals and is considered to be a good choice at current levels. We expect the SQQQ ETF to perform great in the short-term period. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Strong Buy candidate.
Current score: 5.272 Strong Buy Candidate Upgraded
Predicted Opening Price for ProShares UltraPro Short QQQ of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $12.00 ( 1.77%) | $12.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SQQQ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.81 | 4.86 % | |
| R2 | 12.50 | 2.32 % | ||
| R1 | 12.31 | 0.759 % | ||
| Current price: | 12.22 | |||
| Support | S1 | 11.69 | -4.31 % | |
| S2 | 11.50 | -5.87 % | ||
| S3 | 11.19 | -8.40 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 12.84 | 5.07 % | ||
| R1 | 12.47 | 2.05 % | ||
| Current price | 12.22 | |||
| Support | S1 | 11.44 | -6.38% | |
| S2 | 11.12 | -9.00% | ||
| S3 | 10.96 | -10.31% |
SQQQ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 20, 2024 | Mar 20, 2024 | Mar 27, 2024 | $0.164 | 1.58% |
| 2 | Dec 20, 2023 | Dec 20, 2023 | Dec 28, 2023 | $0.283 | 2.13% |
| 3 | Sep 19, 2023 | Sep 20, 2023 | Sep 27, 2023 | $0.324 | 1.55% |
| 4 | Jun 20, 2023 | Jun 21, 2023 | Jun 28, 2023 | $0.266 | 1.35% |
| 5 | Mar 21, 2023 | Mar 22, 2023 | Mar 29, 2023 | $0.204 | 0.642% |
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