TQQQ ETF Forecast

Stronger technical forecast for TQQQ ETF price after Tuesday trading.
(Updated on Jul 02, 2024)

TQQQ Signals & Forecast

Mostly positive signals in the chart today. The TQQQ 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 $74.54 and $68.51. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 56.29%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.

Support, Risk & Stop-loss for TQQQ ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $58.93 and $58.72. 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, TQQQ finds support just below today's level at $58.93. If this is broken, then the next support from accumulated volume will be at $58.72 and $58.56.

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 $3.14 between high and low, or 4.23%. For the last week, the ETF has had daily average volatility of 3.58%.

Our recommended stop-loss: $74.93 (-3.10%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 84 days ago.)

Trading Expectations (TQQQ) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect ProShares UltraPro QQQ to open at $76.32, and during the day (based on 14 day Average True Range), to move between $74.84 and $79.82, which gives a possible trading interval of +/-$2.49 (+/-3.22%) up or down from last closing price. If ProShares UltraPro QQQ takes out the full calculated possible swing range there will be an estimated 6.44% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $58.93, some $18.40 (23.79%) from the current price of $77.33, our system finds the risk reward attractive.

Is ProShares UltraPro QQQ ETF A Buy?

TQQQ 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 ETF since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 7.045 Strong Buy Candidate Upgraded

Predicted Opening Price for ProShares UltraPro QQQ of Wednesday, July 3, 2024

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