ProShares UltraPro QQQ ETF Shows Oversold Signals Amid Market Trends

In trading on Friday, shares of the ProShares UltraPro QQQ ETF (Symbol: TQQQ) dipped into oversold territory, trading as low as $64.14 per share. Oversold territory is defined using the Relative Strength Index (RSI), a technical analysis tool that measures momentum on a scale from zero to 100. A stock is typically deemed oversold when the RSI reading falls below 30.

For ProShares UltraPro QQQ, the RSI currently stands at 29.6. In comparison, the S&P 500’s RSI reading is at 33.2. This lower RSI for TQQQ may indicate to bullish investors that recent selling pressure is nearing its end. As a result, these investors might look for opportunities to enter positions on the buy side.

Reviewing the 52-week performance chart below, TQQQ’s lowest point during this period was $48.80 per share, while it reached a high of $93.7892. At last trade, the ETF was quoted at $65.56, reflecting a decline of approximately 2.8% for the day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.