QQQ Stock Price Prediction: Hedge Funds Believe in $QQQ Rally?

QQQ stock price might revert back towards the resistance level of $300 as QQQ shares tried to sustain on Friday. The selling pressure can be observed as the QQQ share price (NASDAQ: QQQ) tried to remain above $297 resistance level but couldn’t sustain and slipped till the current level. Meanwhile, QQQ buyers tried to accumulate on Friday’s trading session but failed to make any greater change. Let us know more about the Invesco QQQ Trust (NASDAQ:QQQ),

More about The Invesco QQQ Trust (NASDAQ:QQQ)

The Invesco QQQ Trust (NASDAQ:QQQ) fund helps to provide the most largest and actively traded stocks over NASDAQ. The Invesco QQQ Trust (NASDAQ:QQQ) is among the top and very popular ETFs in the United States and also QQQ stock price has been an attraction to many investors’ portfolios.

The main reason behind the Invesco QQQ Trust (NASDAQ:QQQ) fund’s profound preference is the fund’s track record and its strong performance in the past. In the last decade, the Invesco QQQ Trust (NASDAQ:QQQ) has transcended the S&P 500 nine out of ten times.

In addition, the Invesco QQQ Trust (NASDAQ:QQQ) is a better option for risk- unwilling investors who are looking for an opportunity to acquire attention to the NASDAQ-100 Index. It is a low-cost, liquid, and wide ranged ETF which has consistently outgrown with its strong return policy. Nevertheless, for investors who enjoy taking risks, investing in QQQ stocks might lead them with potentially higher returns.

Investing in stocks which made up the Invesco QQQ Trust (NASDAQ:QQQ) might provide investors an opportunity to be benefitted from a single institution’s performance rather than getting exposed to the broader market. Nevertheless, investors need to be attentive over their decisions and must be sensible of the risks associated in investing in individual stocks.

Will QQQ Stock Price Bounce Back Now?

QQQ stock price has been slipping since it started its return from $305 distribution level and couldn’t sustain since then. Analysts believe that QQQ share price might surge from $290 as Monday’s trading session might experience some buying.

QQQ stock price has been trying to sustain above 50 and 100-days Daily Moving Average while QQQ shares have slipped below 20 and 200-days DMA. Trend reversal is being expected from QQQ share price as buyers might approach during Monday’s trading session to push QQQ shares.

However, QQQ share price has gained around 2.85% in a month and also QQQ shares have recovered around 8.64% Year to Date. This demonstrates that QQQ share might increase through a rally during 2023 as soon as it breaks out of the $315 resistance level.

QQQ Stock Price Prediction: Technical Analysis

QQQ stock price has been slipping as highlighted by technical indicators. Relative strength index showcases the downside trend of QQQ share price. RSI was at 46 and has dipped below neutrality to be oversold. MACD exhibits the downtrend momentum of QQQ shares. The MACD line is below the signal line after a negative crossover. Investors in QQQ shares need to wait until the stock starts its recovery by Monday’s trading session.

Summary

QQQ stock price might revert back towards the resistance level of $300 as QQQ shares tried to sustain on Friday. The Invesco QQQ Trust (NASDAQ:QQQ) is among the top and very popular ETFs in the United States and also QQQ stock price has been an attraction to many investors’ portfolios. QQQ stock price has been slipping as highlighted by technical indicators. However, QQQ share price has gained around 2.85% in a month and also QQQ shares have recovered around 8.64% Year to Date. Investors in QQQ shares need to wait until the stock starts its recovery by Monday’s trading session.

Technical Levels

Support Levels: $290 and $275

Resistance Levels: $297 and $315

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing