When the DIREXION NASDAQ-100 EQUAL WEIGHTED INDEX SHARES ETF (Symbol: QQQE) nosedived in trading on Friday, reaching a nadir of $82.52 per share, alarm bells resonated. Oversold nuances, discernible through the Relative Strength Index (RSI), signaled distress. This technical analysis gauge, ranking momentum from zero to 100, designates a stock as oversold when its RSI plummets beneath 30.
Interpreting the Numbers
Amidst the turmoil, DIREXION NASDAQ-100 EQUAL WEIGHTED INDEX SHARES grapples with an RSI of 29.2, stark against the S&P 500’s 32.0. What does this entail? For bullish investors, this could epitomize a shimmer of hope — a flicker suggesting that the recent tumult of selling might be tapering, paving the path for opportune entry points on the buyer’s realm.
Perusing the Performance
A glance at the one-year performance chart unveils an intriguing narrative. QQQE’s voyage meandered from a low of $69.04 per share in its 52-week trajectory, ascending to a zenith at $89.865. Notably, the recent trade wavered at $82.69, with DIREXION NASDAQ-100 EQUAL WEIGHTED INDEX SHARES witnessing a 1.1% descent for the day.
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Insightful viewpoints expressed herein belong to the author and may not necessarily mirror those of Nasdaq, Inc.
