SQQQ ETF Forecast
SQQQ ETF upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 25, 2024)
The SQQQ ETF price gained 1.61% on the last trading day (Thursday, 25th Apr 2024), rising from $11.81 to $12.00. During the last trading day the ETF fluctuated 5.03% from a day low at $11.92 to a day high of $12.52. The price has risen in 6 of the last 10 days and is up by 15.38% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 24 million more shares were traded than the day before. In total, 162 million shares were bought and sold for approximately $1.94 billion.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -3.97% during the next 3 months and, with a 90% probability hold a price between $9.68 and $12.30 at the end of this 3-month period.
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SQQQ Signals & Forecast
The SQQQ ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $12.14. On a fall, the ETF will find some support from the long-term average at approximately $11.03. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Friday, April 19, 2024, and so far it has fallen -6.54%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for SQQQ ETF
SQQQ finds support from accumulated volume at $11.44 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $0.600 between high and low, or 5.03%. For the last week, the ETF has had daily average volatility of 5.19%.
Our recommended stop-loss: $11.31 (-5.72%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (SQQQ) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect ProShares UltraPro Short QQQ to open at $12.15, and during the day (based on 14 day Average True Range), to move between $11.45 and $12.55, which gives a possible trading interval of +/-$0.546 (+/-4.55%) 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 9.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $12.07 (0.58%) than the support at $11.44 (4.67%), 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, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.006 Hold/Accumulate Upgraded
Predicted Opening Price for ProShares UltraPro Short QQQ of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$12.15 ( 1.22%) | $12.00 |
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 | 12.75 | 6.22 % | |
R2 | 12.52 | 4.31 % | ||
R1 | 12.38 | 3.13 % | ||
Current price: | 12.00 | |||
Support | S1 | 11.92 | -0.688 % | |
S2 | 11.78 | -1.87 % | ||
S3 | 11.55 | -3.78 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 12.84 | 7.00 % | |
R2 | 12.78 | 6.50 % | ||
R1 | 12.07 | 0.583 % | ||
Current price | 12.00 | |||
Support | S1 | 11.44 | -4.67% | |
S2 | 11.12 | -7.33% | ||
S3 | 10.96 | -8.67% |
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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