DIREXION DAILY MAGNIFICENT 7 (QQQU) Stock Technical Analysis
NYSEARCA:QQQU - NYSE Arca - US25461A6507 - ETF - Currency: USD
We assign a technical rating of 10 out of 10 to QQQU. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, QQQU is showing a nice and steady performance.
The long and short term trends are both positive. This is looking good!
When comparing the yearly performance of all stocks, we notice that QQQU is one of the better performing stocks in the market, outperforming 91% of all stocks.
QQQU is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so QQQU is lagging the market slightly.
In the last month QQQU has a been trading in the 42.06 - 47.68 range, which is quite wide. It is currently trading near the high of this range.
QQQU has an excellent technical rating, but the quality of the setup is only medium at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.
More info and screens
26.30
50.67
2 important support areas can be observed.
- Support @42.91 from a horizontal line in the daily time frame.
- Support @26.57 from a trend line in the weekly time frame.
When analyzing the resistance we notice one important area.
- Resistance @50.17 from a horizontal line in the weekly time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for QQQU is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for QQQU is up. |
| ChartMill Relative Strength | 91.71 | POSITIVE | QQQU has a high relative strength, it outperformed 91.71% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of QQQU is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of QQQU is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of QQQU is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 69.54 | NEUTRAL | The RSI value for QQQU is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0.05 | POSITIVE | The MACD value suggests QQQU has a positive trend, although the MACD value is declining. |
| Stochastics (14,3) | 91.27 | OVERBOUGHT | The high Stochastics value suggests QQQU may be overbought. |
| Average True Range in percent/ATR (20) | 2.13 | MEDIUM VOLATILITY | The ATR as a percentage value for QQQU suggests some volalility. |
| Average Directional Index/ADX (14) | 20.6 | NEUTRAL | The ADX value for QQQU suggests a possible start of a new trend. |
Daily CandleStick Patterns
Bullish Engulfing (D)
Bullish Hammer (D)
Bearish Inverted Hammer (D)
Hanging Man (D)
Bullish Harami (D)
Doji (D)
Gravestone Doji (D)
DragonFly Doji (D)
Bearish Engulfing (D)
Bearish Shooting Star (D)
Bearish Harami (D)
Inside Bar (D)
Red Dog Reversal Down (D)
Red Dog Reversal Up (D)
Dark Cloud Cover (D)
Weekly CandleStick Patterns
Bullish Engulfing (W)
Bullish Hammer (W)
Bearish Inverted Hammer (W)
Hanging Man (W)
Bullish Harami (W)
Doji (W)
Gravestone Doji (W)
DragonFly Doji (W)
Bearish Engulfing (W)
Bearish Shooting Star (W)
Bearish Harami (W)
Inside Bar (W)
Dark Cloud Cover (W)
Daily Chart Patterns
Bull Flag
Bear Flag
Ascending Triangle (D)
Descending Triangle (D)
Symmetrical Triangle (D)
Squeeze
Channel (D)
Channel Up (D)
Channel Down (D)
Rising Wedge (D)
Falling Wedge (D)
Double Bottom (D)
Multiple Bottom (D)
Double Top (D)
Multiple Top (D)
Weekly Chart Patterns
Weekly Bull Flag
Weekly Bear Flag
Squeeze Week
Channel (W)
Double Bottom (W)
Multiple Bottom (W)
Double Top (W)
Multiple Top (W)
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 47.69 | 44.31 | 3.38 (7.08%) | 14.13% |
| An entry @47.69. This is a Buy Stop order right above the 10 day high. | An exit @44.31. This is a Stop Loss order right below the 10 day low. | The worst case loss on the trade is limited to 3.38 points, which is 7.08%. | For a 1.00% total portfolio risk, you can invest 14.13% of your capital in this trade. |
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
47.1
+0.3 (+0.64%)
Chartmill TA Rating
Chartmill Setup Rating
Sector
GICS SectorN/A
GICS IndustryN/A
Performance
% Chg0.64%
1 Week1.77%
2 Weeks5.3%
1 Month9.36%
3 Month50.48%
6 Month-4.56%
12 Month48.44%
2 YearN/A
3 YearN/A
5 YearN/A
10 YearN/A
15 YearN/A
Volatility
ATR(14)0.9
ATR(20)%2.13%
ATR Inc-24.26%
Range Today0.89
ADR(20)0.87
ADR(20)%1.85%
Trend & SMA
ST Trend
LT Trend
SMA(5)
SMA(10)
SMA(20)
SMA(50)
SMA(100)
SMA(200)
Relative Strength & Ranges
CRS91.71
Mansfield1.02
10 Day High47.68
10 Day Low44.32
20 Day High47.68
20 Day Low42.06
52 Week High53.75
52 Week Low22.55
CS1 End42.91
CR1 Start50.17
Volume & EV
DER(3)0.89%
DER(5)-4.05%
Volume58.90K
Volume Incr5.66%
Vol(5)90.36K
Vol(50)92.88K