Traders Are Bearish ProShares Trust UltraPro Short QQQ ETF (SQQQ) After The Stock Formed Wedge Down Chart Pattern

November 15, 2017 - By Marie Mckinney

The stock of ProShares Trust UltraPro Short QQQ ETF (SQQQ) formed a down wedge with $21.69 target or 6.00 % below today’s $23.07 share price. The 7 months wedge indicates high risk for the $573.97 million company. If the $21.69 price target is reached, the company will be worth $34.44 million less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.

About 2.52 million shares traded. ProShares Trust UltraPro Short QQQ ETF (NASDAQ:SQQQ) has declined 59.78% since November 15, 2016 and is downtrending. It has underperformed by 76.48% the S&P500.

Another recent and important ProShares Trust UltraPro Short QQQ ETF (NASDAQ:SQQQ) news was published by Marketwatch.com which published an article titled: “23.17” on June 16, 2010.

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