In buying and selling on Thursday, shares of the ProShares ProShares UltraPro QQQ ETF (Image: TQQQ)
In buying and selling on Thursday, shares of the ProShares ProShares UltraPro QQQ ETF (Image: TQQQ) entered into oversold territory, altering palms as little as $99 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 QQQ, the RSI studying has hit 26.3 — by comparability, the RSI studying for the S&P 500 is at present 68.2.
A bullish investor might have a look at TQQQ’s 26.Three studying as an indication that the latest heavy promoting is within the technique of exhausting itself, and start to search for entry level alternatives on the purchase facet.
a chart of 1 yr efficiency (beneath), TQQQ’s low level in its 52 week vary is $16.135 per share, with $101.11 because the 52 week excessive level — that compares with a final commerce of $100.86. ProShares ProShares UltraPro QQQ shares are at present buying and selling up about 1.9% on the day.
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.