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In buying and selling on Thursday, shares of the ProShares ProShares UltraPro Brief QQQ ETF (Image: SQQQ) entered into oversold territory, altering arms as little as $17.46 per share. We outline oversold territory utilizing the Relative Power Index, or RSI, which is a technical evaluation indicator used to measure momentum on a scale of zero to 100. A inventory is taken into account to be oversold if the RSI studying falls beneath 30.
Within the case of ProShares ProShares UltraPro Brief QQQ, the RSI studying has hit 29.7 — by comparability, the RSI studying for the S&P 500 is at the moment 63.1.
A bullish investor may have a look at SQQQ’s 29.7 studying as an indication that the current heavy promoting is within the means of exhausting itself, and start to search for entry level alternatives on the purchase aspect.
Taking a look at a chart of 1 yr efficiency (beneath), SQQQ’s low level in its 52 week vary is $17.44 per share, with $51.52 because the 52 week excessive level — that compares with a final commerce of $17.55. ProShares ProShares UltraPro Brief QQQ shares are at the moment buying and selling down about 1.9% on the day.
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