Global X NASDAQ 100 Covered Call ETF Forecast
Red day on Monday for Global X NASDAQ 100 Covered Call
(Updated on Apr 22, 2024)
The Global X NASDAQ 100 Covered Call ETF price fell by -0.347% on the last day (Monday, 22nd Apr 2024) from $17.28 to $17.22. It has now fallen 4 days in a row. During the last trading day the ETF fluctuated 0.96% from a day low at $17.12 to a day high of $17.28. The price has fallen in 7 of the last 10 days and is down by -3.96% for this period. 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 -1 million shares and in total, 7 million shares were bought and sold for approximately $116.23 million.
The ETF has broken the narrow and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $17.54 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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QYLD Signals & Forecast
There are few to no technical positive signals at the moment. The Global X NASDAQ 100 Covered Call 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 $17.63 and $17.85. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -4.55%. 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.
A sell signal from a double top formation was found on Thursday, April 11, 2024 with a target of $17.87. Despite whether the objective of the signal formation has been reached the ETF may continue to fall.
Support, Risk & Stop-loss for Global X NASDAQ 100 Covered Call ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $0.165 between high and low, or 0.96%. For the last week the ETF has had daily average volatility of 1.27%.
Global X NASDAQ 100 Covered Call is oversold on RSI14 (21). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (QYLD) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Global X NASDAQ 100 Covered Call ETF to open at $17.20, and during the day (based on 14 day Average True Range), to move between $17.08 and $17.36, which gives a possible trading interval of +/-$0.142 (+/-0.83%) up or down from last closing price. If Global X NASDAQ 100 Covered Call ETF takes out the full calculated possible swing range there will be an estimated 1.65% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $17.80, some $0.580 (3.37%) from the current price of $17.22, our system finds the risk reward not very attractive.
Is Global X NASDAQ 100 Covered Call ETF ETF A Buy?
Global X NASDAQ 100 Covered Call holds several negative signals and is within a narrow and 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.
Current score: -2.368 Sell Candidate Unchanged
Predicted Opening Price for Global X NASDAQ 100 Covered Call ETF of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $17.20 ( 0.0873%) | $17.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for QYLD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.37 | 0.87 % | |
| R2 | 17.31 | 0.504 % | ||
| R1 | 17.27 | 0.279 % | ||
| Current price: | 17.22 | |||
| Support | S1 | 17.14 | -0.453 % | |
| S2 | 17.10 | -0.679 % | ||
| S3 | 17.04 | -1.04 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 17.92 | 4.07 % | |
| R2 | 17.83 | 3.54 % | ||
| R1 | 17.80 | 3.37 % | ||
| Current price | 17.22 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
QYLD Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 30, 2024 | Dec 30, 2024 | Jan 07, 2025 | $0.0650 | 0.377% |
| 2 | Mar 15, 2024 | Mar 18, 2024 | Mar 26, 2024 | $0.178 | 1.00% |
| 3 | Feb 29, 2024 | Feb 29, 2024 | Mar 14, 2024 | $0.0650 | 0.361% |
| 4 | Feb 16, 2024 | Feb 20, 2024 | Feb 28, 2024 | $0.177 | 1.00% |
| 5 | Jan 19, 2024 | Jan 22, 2024 | Jan 30, 2024 | $0.179 | 1.01% |
FAQ
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