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ProShares UltraPro Short QQQ Forecast and Stock Analysis
Technical SQQQ stock analysis for Friday May 24, 2019.
|Price to book||n/a|
|Next Earnings Date||n/a|
No changes to the price of ProShares UltraPro Short QQQ in the last trading day ( Friday, 24th May 2019 ). During day the stock fluctuated 0.00% from a day low at $10.32 to a day high of $10.32. The price has risen in 5 of the last 10 days and is up by 10.37% over the past 2 weeks.
- 30 day high of the SQQQ stock price was $10.52 and low was $8.45.
- 90 day high was $12.30 and low was $8.45.
- 52 week high for the ProShares UltraPro Short QQQ - $21.37 and low - $8.45.
ProShares UltraPro Short QQQ has broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction there will be support on the roof on the current trend broken, which is $10.28, a level that may pose a second chance to hit a runner. According to fan-theory $12.75 will be the next possible trendtop level and thereby pose a resistance level which may not be broken on the first attempt.
ProShares UltraPro Short QQQ holds buy signals from both short- and long-term moving averages. In addition, 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 $9.88 and $9.25. A break down below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Thursday May 23, 2019, which indicates further falls until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Relative Strength Index (RSI)
RSI14 is 69 and the stock is currently not being overbought or oversold
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $9.57 and $9.35.
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 $9.57. If this is broken, then the next support from accumulated volume will be at $9.35 and $9.14.
This stock may move much during a day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.00 between high and low, or 0.00%. For the last week the stock has had a daily average volatility of 2.19%.
Our recommended stoploss: $9.95 (-3.62%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from pivot top found 1 days ago.)
2.19 %Average volatility
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ProShares UltraPro Short QQQ holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Hold/Accumulate.
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